Inflation is hitting the Big Apple harder than a slew of other major US cities — with prices surging at their fastest pace since early last year, according to fresh government data released Wednesday.
From rent to groceries to school tuition, consumer prices across the New York and New Jersey metro area spiked 4.3% from a year ago – faster than 12 other big cities across the country and marking their quickest clip since March 2023, the Bureau of Labor Statistics said Wednesday.
The daunting report comes as the Consumer Price Index shows that prices nationwide rose 2.7% – above the 2.6% increase seen in October, but falling in line with expectations, the Labor Department said.
The numbers came in hotter than last month, but it’s likely not enough to stop the Federal Reserve from issuing a third round of interest rate cuts during its meeting next week. Investors’ odds of a quarter-point cut during the Dec. 17-Dec. 18 meeting shot up to 95% after the inflation report, according to CME FedWatch…