Consumer prices in the New York-Newark-Jersey City area rose 4.3% from a year earlier, according to August data released Sept. 11 by the U.S. Bureau of Labor Statistics. Gasoline rose the most, up 31.0%, while energy overall climbed 15.4%. Housing costs rose 4.4%, including a 4.0% increase in rent, and food rose 3.3%. Prices were unchanged from the previous month.
The feeling that grocery receipts aren't what they used to be is now confirmed by the numbers. The consumer price index for the New York-Newark-Jersey City area rose 4.3% from a year earlier. The figures are for August, released by the U.S. Bureau of Labor Statistics on Sept. 11.
Prices were unchanged from the previous month. After jumping 0.5% in July, they held flat in August. Over the past 12 months, however, increases have remained in the 4% range.
Gas Prices Jump More Than 30%
The gaps between categories are wide. Gasoline stood out most, up 31.0% in a year. Energy overall rose 15.4%. In August alone, however, energy prices fell 2.5%. That amounts to a brief breather after the peak summer season, but prices could rise again ahead of the winter heating season.
Housing and food hit Korean American households hardest. Housing costs rose 4.4%, and rent, which is what tenants actually pay, rose 4.0%. Owners' equivalent rent, which is based on homeowners, was higher at 4.9%. This is in line with a recent survey in which the average monthly rent was $4,107 in New York City and $3,229 in Jersey City, ranking first and fourth in the nation, respectively.
Food prices rose 3.3%. Groceries for cooking at home rose 3.1%, and dining out rose 3.6%. Restaurant prices are climbing faster because labor costs and rents are rising together. That is also why Korean restaurants have adjusted their menu prices this year.
Compared with the national average, the New York area is on the high side. The region's economy has a large housing share and is sensitive to energy price swings. In addition, heating costs this winter are expected to average $1,449 in the Northeast, higher than last winter, so prices are likely to feel even heavier through the end of the year.
There is not much you can do right away, but if your lease renewal is coming up, you can check nearby market rates and use them as grounds for negotiation. For electricity and gas, switching suppliers alone can sometimes change your unit price, so it may be worth taking a look at the supply rate on your bill.