(The Center Square) – Inflation in the New York City area is growing at its highest rate in 30 years. That’s according to a report issued Friday by New York State Comptroller Thomas DiNapoli.
- By Steve Bittenbender | The Center Square contributor
- April 25th, 2022
- The Roosevelt Island Daily News

DiNapoli added that the hikes are smaller than both the national average over the past year and other large metropolitan areas. However, the state official warned the increase in personal expenses appears to be outpacing income growth.
DiNapoli’s office tracks consumer prices published by the U.S. Bureau of Labor Statistics. In a statement, the Democrat said that monitoring plus how consumers react to price changes is an essential part of assessing New York’s economic outlook and fiscal health.
“While the Federal Reserve Board has begun to act, global supply chain challenges and the effects of geopolitical instability on commodity prices are likely to continue to drive prices higher in the short term,” he said.
Last month, BLS reported that the New York City metro area’s 12-month consumer price index jumped by 6.1%. That means if the goods and services evaluated as part of the CPI cost $100 in March 2021, they cost consumers $106.10 last month.
New York City’s increase in the 12-month CPI for March was a full percentage point more than what BLS reported in February. The 12-month change reported in March 2021 was just 2%.
Inflation: Bad in NYC, Worse Elsewhere
Still, compared to other major metro areas, New Yorkers’ increases were less than what consumers paid in Los Angeles, which experienced an 8.5% 12-month CPI increase in March. In Denver, the increase over the past year was 9.1%, while Tampa saw prices jump 10.2% over the same span.
Nationally, the CPI for March 2022 was 8.5% higher than it was a year before.
Energy and transportation costs have had the biggest impact on CPI increases. According to DiNapoli’s office, energy costs were 32.7% higher last month than in March 2021. Transportation costs grew by 14.7% over the same span. Still, the comptroller found several major cities, including Boston, Dallas and Washington, D.C., that saw their transportation costs for the same timeframe jump by at least 20% last month.
Nationally, transportation costs jumped by 22.6% in March compared to the same month in 2021. DiNapoli said the increases in the national average and other cities are likely due to the continued increase in new and used car prices.
“In contrast, there is widespread reliance in the NYC metro area on mass transit systems, which did not experience similar increases and likely moderated the growth in transportation prices relative to other metros,” his report stated.
While inflation in New York seems to be a bit softer than it is in other parts of the country, DiNapoli advised that it’s still taking a toll on the state. While his report did not have earnings data for the New York City region, the analysis said earnings grew by only 2.3% statewide from March 2021 to last month, and the New York City metro area is home to most of New York state’s workforce.
“The disparity suggests consumers may be losing their purchasing power,” DiNapoli wrote.
More from the Roosevelt Island Daily News
- The Most Beautiful Oak Tree in New York CityThe most beautiful oak tree in New York City crowns a hill in Sunset Park. Our early spring photo catches the majestic architecture of this landmark before millions of leaves obscure it. Others may claim
- Sunset Park, Brooklyn: A Neighborhood, History and a FutureSunset Park in Brooklyn is a neighborhood located in the western part of the borough. It has a rich history that can be traced back to the 1800s. What makes Sunset Park unique is its
- Reduced Fare Taps Coming Soon for MTA Buses & SubwaysThe Metropolitan Transit Authority is preparing to bring reduced fare customers – seniors, disabled, etc. – into the OMNI system soon. You will be able to tap and go, just like everyone else – not
- Special Master Carves Up New York’s Congressional and State Senate Seats With New MapsRachel Holliday Smith, The City This article was originally published on May 16 6:34pm EDT by THE CITY /Sign up here to get the latest stories from THE CITY delivered to you each morning. The Roosevelt Island Daily News
- Ahead of Supreme Court Gun Ruling, Adams ‘Very Concerned’ as City Hall Mulls OptionsRachel Holliday Smith, Reuven Blau, Katie Honan, The City The Roosevelt Island Daily News This article was originally published on May 12 4:54pm EDT by THE CITY /Sign up here to get the latest stories from THE CITY delivered
One thought on “New York City inflation highest in 30 years, report says”