NYC Prices Rose
Prices in the New York City area rose 5 percent this year
In New York City, the cost of living is typically higher than the national average. Despite this, the cost of living in the area rose by about 5 percent in 2018.
Energy and food prices rose sharply in November. The Bureau of Labor Statistics reported that the increases were largely due to higher prices for gasoline and food.
Food and gas prices have increased significantly over the past year. According to the Bureau of Labor Statistics, the price of a gallon of gas has increased by almost 58 percent.
The rise in inflation has been a global issue since the coronavirus pandemic started. Some experts attributed the uptick in US prices to government spending.
Megan Greene, the head of the Kroll Institute, said that inflation would eventually return to a level that is closer to normal. However, she warned that it could last for another year.
For food categories, the biggest increase was seen in the prices of meat, poultry, fish and eggs.
Nonalcoholic beverages and beverage materials rose 8.6 percent — the second-biggest increase. Alcoholic beverages only increased 2.9 percent in price.
Despite the high cost of gas, many New York City residents still drive. In 2008, the average price of a gallon of gasoline rose 58.1 percent.
Housing-related costs rose 2.7 percent in the past year. Energy costs also jumped by a significant amount, with household energy consumption growing by over 10 percent.