Recent data from the U.S. Bureau of Labor Statistics (BLS) indicates consumer prices grew by 6.1% in the New York City Metropolitan Area in March 2022 compared to the same month one year ago, driven by double-digit increases in the costs of energy and transportation. Despite lagging inflation growth nationally and in other large metro areas, NYC metro area price increases appear poised to outstrip earnings growth.
“Tracking the rise of prices, and the consumer response to these changes, is necessary to understand the state’s economic outlook and the potential effects on its fiscal picture,” DiNapoli said. “While the Federal Reserve Board has begun to act, global supply chain challenges and the effects of geopolitical instability on commodity prices are likely to continue to drive prices higher in the short-term. My office will continue to analyze how inflation is affecting New Yorkers, as the state and nation grapple with a changing economic and public health environment.”
Consumer costs in the NYC metro area have grown most steeply for energy, transportation, recreation and food. While some price increases may moderate in the months to come, short-term expectations of persistent inflation remain high. Consumer spending habits have already shifted and the increased prices on essential household items, like housing and food, will limit purchasing power and squeeze household budgets absent stronger wage growth.
DiNapoli’s analysis of the Consumer Price Index (CPI) during the month of March includes:
- Annual percentage changes in the costs of transportation, food and housing;
- Comparisons of the NYC metro area CPI changes to select metro areas across the U.S.; and
- Growth in consumer prices from the same month in the prior year in the NYC metro area and the U.S. since 2020.
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