NEW YORK, NY — Prices in the New York-Northern New Jersey-Long Island area, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), edged up 0.2 percent for the second consecutive month in February, the U.S. Bureau of Labor Statistics reported today. Chief Regional Economist Martin Kohli attributed the change to increases in shelter and apparel.
Among other expenditure items, the food index declined 0.4 percent in February—the largest decrease in over a year—due to lower prices for food at home (-0.8 percent).
The energy index fell 4.0 percent, marking the eighth consecutive decline, the longest stretch of monthly declines in the history of the series which began in 1977. Gasoline prices dropped 7.5 percent, following a 6.0 percent decrease in January.
Medical care prices increased 1.2 percent, following a 1.4-percent increase in January. Higher prices were also reported for airline fares.
Over the year, the CPI-U for all items was up 0.6 percent, while the index for all items less food and energy advanced 2.1 percent. A 4.0-percent rise in residential rent contributed to shelter prices increasing 3.0 percent. Medical care, education and communication, and other goods and services each rose by at least 2.2 percent.