⚫ New numbers show how prices have changed over the month/year

⚫ Household energy is a big contributor to an overall increase

⚫ Prices have fallen in select categories


Prices of the things you need continue to climb — just at a lesser extreme than what New Jersey had been experiencing in the recent past.

The latest figures from the U.S. Bureau of Labor Statistics show that overall, prices in the New York area (which includes most New Jersey counties) were up 4.3% in December 2024, compared to December 2023.

The Consumer Price Index was unchanged over the month in December. It helps to look at a longer stretch of the calendar to see how prices have moved over time.

The index looks at everything from food and gasoline, to housing and new vehicles.

"We did see prices moving a little higher locally than nationally," Bruce Bergman, BLS economist, told New Jersey 101.5.

Latest inflation data

Food prices in the region rose 2.3% over the past year, according to the latest figures. The price of at-home food — aka groceries — increased by 2%, and the food you eat at restaurants advanced 2.7%.

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Price hikes were moved along largely by the categories of housing and household energy, which jumped by 6% and 11.4% over the year, respectively.

"Yes, there are some higher prices for groceries, but relatively speaking, it's not as big of an increase as we're seeing for other products," Bergman said.

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Significant year-over-year price declines were registered in the categories of fuel and used motor vehicles.

The yearly price hike was also recorded at 4.3% in November 2024.

From January 2022 through February, year-over-year price increases were between 5.1% and 6% each month, BLS statistics show.

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