NYC Gas Prices Dip 10% As Inflation Slows In August: New Data

NEW YORK CITY — New Yorkers with cars got more relief at the pump as gas prices dipped 10 percent in August, according to newly released inflation data.

Inflation in the New York City region showed signs of slowing last month, as overall prices only increased 0.2 percent, federal Bureau of Labor Statistics data released Tuesday show.

Prices in New York and New Jersey were still 6.6 percent higher than this point last year, but fell behind the 8.3 percent increase seen nationally — a higher-than-anticipated number that sent stock markets tumbling.

Economists expected better from the national price report, especially in inflation outside of food and energy.

“This suggests that inflation expectations may be becoming ingrained,” said Gargi Chaudhuri, head of iShares Investment Strategy, to the Associated Press.

Higher prices for food and other non-energy items largely drove the small August increase in prices across the New York City region, according to data.

All grocery categories except meats, poultry, fish and eggs, as well as dairy products, saw slight increases in price last month in the city, the data shows.

And the gas price dip was offset by higher household energy prices, according to the data.

Overall, gas prices are still 30.2 percent higher in the New York City area than they were a year ago, data shows.

"Food prices were up 10.2%," a Bureau of Labor Statistics release states. "Prices for all items less food and energy advanced 4.6%."

The Associated Press contributed to this report.