Prices for Food and Medical Care Dropped Sharply in New York
NEW YORK — June 13, 2018
And this despite the area prices have risen over the past month, the US Department of Labor recently released its Consumer Price Index (CPI) for the New York-Newark-Jersey City region. It shows that it is the optimal time for consumers to head over to grocery stores and buy certain items now that prices have actually decreased.
This has led to very significant price reductions for a number of important basic goods. Among them cereals and bakery goods; meats, poultry, fish and eggs; and nonalcoholic beverages which include carbonated drinks.
According to the Department of Labor, while these products saw a dip in prices, over a month’s span, from April to May, food prices inched up 0.1%, following a 0.7% increase in April.
From May 2017 to May 2018, the food index increased 2.3%, with prices 3.5% higher for food away from home and 1.4% higher for food at home.
According to the Chief Regional Economist Martin Kohli, consumer prices for the area increased due to higher prices of energy.
He added that the latest report indicates that energy prices rose more than 6% for two last months. Gasoline prices climbed almost 10%. There was also a 4.1% increase in natural gas prices and a 3% rise in electricity in May.
Residential rent increased 0.1%. Outside of shelter, apparel prices increased 1.2%, household furnishings and operations rose 1.1%. Also, there was an uptick in airline fares.
But luckily, with the cooperation of all the members, there were a few dips in prices that offset these increases, including lower prices for recreation, medical care, education and communication.
The CPI is based on the price of food, clothing, shelter, fuels, transportation fares, doctors' and dentists' services, drugs, goods and other services that people buy for day-to-day living. It measures changes in the price level of a market basket of consumer goods and services purchased by households.