NYC Prices Rose Again In May As Gasoline Costs Spiked 50%: Feds

New York City NY

10 June, 2022

11:40 AM

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NEW YORK CITY — New Yorkers paid dearly at the pump in May, to the tune of more than 50 percent from last year, according to new consumer data. The astronomic gasoline prices seen across New York City — and documented in Bureau of Labor Statistics data released Friday — are only the most jarring sign of what President Joe Biden has declared his top economic priority: inflation. Consumer prices climbed 8.6 percent across the United States in May from a year ago — the worst reading in more than 40 years, according to data. Biden has struggled to tamp down surging prices in goods from gasoline to meat, both of which have respectively increased by 53 percent and 15 percent in the New York City area in the past year, data shows. He has cast wide for a solution — on Friday, he planned to speak at the Port of Los Angeles to highlight plans to tackle high shipping costs. As June dawned, he focused on actions the Federal Reserve could take. "My plan to address inflation starts with simple proposition: Respect the Fed, respect the Fed's independence," Biden said. But Biden's emphasis on technocratic solutions might not allay New Yorkers' literal kitchen concerns. May's consumer price data for the New York-Newark-Jersey City region shows costs overall rose 0.5 percent from April — an increase driven by an 8.5 percent surge in energy costs. Food costs overall rose 0.8 percent month-by-month, and 11 percent from May 2021, data shows. Meat, dairy and eggs yet again showed some of the biggest increases: 1.7 percent from April and 14.6 percent in the past year, according to data. Beverages without alcohol saw their prices rise 2.2 percent since April and 9.9 percent in the past year, data shows. And there's bad news for New Yorkers who might want to take a sip to take the edge off as prices spiral ever-upward — alcohol costs rose 1.4 percent since April and 5.1 percent year-over-year, according to data. Beyond the sky-high prices at the pump, energy overall costs hit New Yorkers square in the pocketbook in May, data shows. Household energy costs rose 5.3 percent since April and 26.1 percent in the past year, according to data. The Associated Press contributed to this report. See the Bureau of Labor Statistics data for the New York City area here.