New York City, NY

Eating At Home Is Expensive In New York

Cadrene Heslop

Did you see higher prices on your recent trip to the grocery store? It is not your imagination. Producer price indexes rose by 9.7% in January. And retailers are passing on the costs to consumers.

Last year, New York got ranked as the fourth state with the highest food costs. At that time, an average New York resident paid $482. 87 for groceries every month. The national average in 2021 was $355.50. (source)

Since then, inflation has climbed to 8.5%. The consumer price index also increased by 1.2% last month, following a 0.8% increase in February. The primary cause was the increasing cost of gas, food, and shelter. (source)

https://img.particlenews.com/image.php?url=1ge8dW_0f7kiFiH00
Photo by Ralph (Ravi) Kayden on Unsplash

There is a steady increase in food prices. Price tags on edible items rose by 1% last month, which led to a total year-over-year increase of 8.8%. Eating at home is 10% more than it was last year. Yet, the year-over-year average cost of takeout and restaurant meals has climbed 6.9%. This difference is because of the increasing costs of essential food items. (source)

The figure tags affixed to these items have jumped by the following rates:

  • Bread - 7.1%
  • Fresh vegetables - 5.9%
  • Fresh fruits - 10.1%
  • Eggs - 11.2%
  • Milk - 13.3%
  • Meat, poultry, and fish - 13.8%
  • Butter and margarine - 14%
  • Flour and prepared flour mixes - 14.2%

Matt Dmytryszyn is the chief investment officer at the financial advisory firm Telemus. He explains that grocery store increases have been more aggressive compared to restaurants. Dmytryszyn said, "Restaurants tend to reset menu prices on a periodic basis and we would expect added price hikes in the near future." (source)

What do you think?

Share your thoughts in the comments, and feel free to share this article on social media and with your friends and family.

*Disclaimer: This article is for general knowledge and informational purposes only*

Comments / 1

Published by

News you care about most - Wealth, Business, and Health.

N/A
11153 followers

More from Cadrene Heslop

Comments / 0