Inflation continues to intrude on several aspects of our lives — from higher grocery prices to energy costs. But according to the Bureau of Labor Statistics, New Jersey and New York had a slightly cooler rate of inflation than the latest national rate. The CPI-U, or the Consumer Price Index for All Urban Customers, increased 6.3% in the region for the 12-month period that ended with December 2022. That’s compared to a national increase of 6.5%. These figures represent annual inflation.

The cost of food, clothing, shelter, fuels, transportation fares, doctors’ services, drugs and other day-to-day items are all accounted for when calculating the CPI-U. It’s the average change in prices over time. 

The latest BLS report shows that inflation is cooling mainly due to the drop in gasoline prices.