New Data Shows Just How Much NYC Food Prices Have Increased Since Last Year
The price increases are linked to record-high inflation.
The recent survey claiming you need to be a millionaire to be considered "financially comfortable" in NYC might be starting to make more sense. According to the latest report by the U.S Bureau of Labor Statistics, the New York and New Jersey area is witnessing a steep increase in food prices. With a record-high inflation rate of over 9%, it's no surprise.
Following the hike in rent prices in the Big Apple, food prices seem to be the next significant cost increase New Yorkers are contending with. According to the report, food prices rose 9.1% for the year ending in June 2022. At-home food prices increased even more, hitting 10.1%, while away-from-home food prices advanced 7.5%. According to Regional Commissioner William J. Sibley, the increase in food prices can also be attributed to the steeper energy costs, which rose 39.2% over the year.
Looking at Datasembly's Grocery Price Index can give a clearer picture of what food categories increased in price and by how much. Produce, for example, rose by 11.3% in the last year, while beverages witnessed an increase of 9.5%. Snacks, cookies, and chips became even pricier, hitting 11.5% higher prices than last year.