The survey provides a sense of local consumer spending habits, which look a bit different in each area.Īs consumer spending habits differ by geography, so does the basket of goods. The basket is developed from detailed spending information provided by individuals and families on the BLS’ Consumer Expenditure Survey. 4 The basket contains goods and services classified into the general categories of food and beverages, housing, apparel, transportation, medical care, recreation, education and communication, and other goods and services. The most commonly used measure of household inflation is the Consumer Price Index (CPI), which has historically provided a reliable benchmark for price changes across a fixed basket of goods in the nation, regions and metropolitan areas. 3 Consumer spending habits have already shifted, and persistent inflation on essential household items, such as housing and food, will limit purchasing power and squeeze household budgets absent stronger wage growth. While some price increases may moderate in months to come, short-term expectations of persistent inflation remain high. Specifically, consumer costs in the NYC metro area have grown most steeply for energy, transportation, recreation and food. 2ĭuring this high inflationary period, increases in the NYC metro area have been less than those nationally and in other large metropolitan areas nevertheless, price increases appear poised to outstrip earnings growth. 1 For over a decade following the Great Recession of 2008, inflation remained low, generally under 2 percent however, price increases began to accelerate in the spring of 2021 and are now growing at the highest annual rate in 30 years in the NYC metro area. Bureau of Labor Statistics (BLS) released new data indicating consumer prices grew by 8.5 percent nationally and 6.1 percent in the New York City Metropolitan Area (NYC metro area) in March 2022 compared to the same month a year ago. damages incurred from the viewing, distributing, or copying of such materialsīecause Google Translate™ is intellectual property owned by Google Inc., you must use Google Translate™ in accord with the Google license agreement, which includes potential liability for misuse: Google Terms of Service.damages or losses caused by reliance upon the accuracy of any such information.The State of New York, its officers, employees, and/or agents are not liable to you, or to third parties, for damages or losses of any kind arising out of, or in connection with, the use or performance of such information. The Office of the State Comptroller does not warrant, promise, assure or guarantee the accuracy of the translations provided. If you rely on information obtained from Google Translate™, you do so at your own risk. Google Translate™ cannot translate all types of documents, and it may not give you an exact translation all the time. However, the "Google Translate" option may help you to read it in other languages. The New York State Office of the State Comptroller's website is provided in English. This Google™ translation feature is provided for informational purposes only.
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