NYC Energy Bills Spike 20% As Inflation Rises In Past Year: Study

New York City NY

11 May, 2022

1:58 PM

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NEW YORK CITY — Pocketbooks across New York City likely felt a little lighter in April as inflation sent prices ever upward, albeit slightly less than recent months, according to a new government report. Prices overall increased 0.9 percent from March across the region, but also 6.3 percent since April 2021, a Bureau of Labor Statistics report shows. New Yorkers can find some mixed comfort in that while the monthly increase is lower than the national 0.3 percent bump, it's lower than the 8.3 percent rise in prices in all states since April 2021, data shows. So for what items are New Yorkers feeling the biggest pinch in the past year and past month? Household energy prices overall increased 21.2 percent from April 2021, and 4.0 percent in the past month, the data shows. And now might be a good time to shift to a more plant-based diet — the price of meat, poultry, fish and eggs increased 13.2 percent in the past year, according to the report. Those prices rose 1.0 percent since March, data shows. One month of data isn't enough to show if inflation is headed downward, economists, note. And there are signs in the report that inflation is becoming embedded in the U.S. economy, The Associated Press reported. Persistent inflation has become a major problem for New Yorkers, as well as Americans as a whole. It's also a political problem for President Joe Biden and Democrats, whose election fortunes could be tied to the issue. At least part of the inflation problem can be tied to worldwide issues. When the volatile food and energy prices — driven higher by persistent COVID-19 pandemic supply chain issues and, more recently, Russia's war in Ukraine — are taken out of the mix, the so-called core inflation on goods and services increased 0.6 percent from March to April, twice the 0.3 percent rise from February to March. Core inflation rises more slowly, the AP explained, but can take longer to decline. For example, rent is rising at a historically fast pace, up 0.6 percent from March to April. Rent in New York City likewise has skyrocketed in the past year. One recent study found one-bedroom apartment prices rise near more than 90 percent of all MTA subway stops. The Associated Press contributed to this report.