By CaraLynn Caulfield
Prices in the New York metropolitan area remained unchanged in May compared to April, according to the latest report from the U.S. Bureau of Labor Statistics (BLS). While the overall Consumer Price Index for All Urban Consumers (CPI-U) held flat over the month, prices have climbed 3.4 percent over the past year.
The New York metropolitan area is defined by the BLS includes Bronx, Dutchess, Kings, Nassau, New York, Orange, Putnam, Queens, Richmond, Rockland, Suffolk, and Westchester Counties in New York; Bergen, Essex, Hudson, Hunterdon, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex, and Union Counties in New Jersey; and Pike County in Pennsylvania.
The data has not been seasonally adjusted.
Acting Regional Commissioner Mark J. Maggi noted a mixed picture in May: food prices increased, while prices for energy and several other consumer categories declined slightly.
Food prices rose 0.7% in May, reversing April’s 0.6% decline. Grocery prices increased 0.8%, with the cost of cereals and bakery products jumping 3.5%. Dining out also became more expensive, with the cost of eating out rising 0.7%. Over the past year, food prices in the region increased 2.9%, including a 3.2% rise in restaurant meals.
Overall energy prices fell 0.6% in May, even as gasoline prices rose 0.8%. The year-over-year energy index increased just 0.8%, largely constrained by a 15.5% annual drop in gasoline prices.
Prices for all items excluding food and energy slipped 0.1% in May. Notable monthly declines included recreation (-5.2%), apparel (-1.2%), and medical care (-0.6%). However, shelter costs, which account for a major share of household expenses, edged up 0.2% in May and 4.5% over the past 12 months. Rents rose 5.3% annually, and the owners’ equivalent rent increased 4.1%.
Tuition, school fees, and childcare costs also surged, jumping 5.8% year-over-year—the sharpest rise since tracking began in December 2018.
New York Inflation Outpaces National Trends
While inflation held at 3.4% in the New York area, the national CPI-U rose 2.4% over the same 12-month period. Nationwide, food prices mirrored the local increase at 2.9%, but energy prices declined 3.5%.
Wages See Modest Growth at the National Level
In a bit of relief for consumers, real average hourly earnings for all U.S. employees rose 0.3% from April to May, after adjusting for inflation. This modest increase stemmed from a 0.4% rise in nominal wages combined with a 0.1% uptick in the national CPI-U. Real weekly earnings also edged up 0.3%, as the average workweek held steady.