NJ Electric Prices, Food Costs Skyrocket In 2022

NEW JERSEY — Are you a New Jersey resident who did a double take when it came time to pay your electric bill this month? You’re not alone, the latest federal data shows.

On Thursday, the U.S. Bureau of Labor Statistics released the Consumer Price Index for All Urban Consumers for the New York-Newark-Jersey City area (see the chart below).

The data showed a massive, 28.2 percent jump in electricity prices since December – the largest over-the-month increase in the history of the series, which began in 1971. The yearly increase wasn’t much better, with electricity prices rising 20.2 percent since January 2021.

Meanwhile, the cost of natural gas has gone up 16.7 percent since last year, although the price has remained flat since December.

Overall energy prices jumped 28.5 percent over the year, largely driven by a 39.6 percent rise in gasoline prices, the bureau said.

• See related article: Gas Isn't The Only Thing Getting More Expensive In New Jersey
• See related article: NJ Republicans Say 'Energy Tax' Bill Would Give Homeowners Relief

Food prices have risen 7.5 percent since last year. The cost of eating at home jumped by 7.6 percent, driven by a 16 percent rise in the prices of meats, poultry, fish and eggs. But eating at restaurants also got more expensive, with prices for food away from home increasing by 7.4 percent.

Other highlights of Thursday’s report included:

• “From January 2021 to January 2022, the index for all items less food and energy advanced 3.3 percent.”
• “An 18.4-percent rise in prices for new and used motor vehicles included a 41.6-percent jump in prices for used cars and trucks.”
• “Prices for shelter increased 1.5 percent, with owners’ equivalent rent up 1.8 percent, and residential rent up 0.6 percent.”

How is the CPI calculated? According to the bureau:

“The CPI is based on prices of food, clothing, shelter, and fuels, transportation fares, charges for doctors' and dentists' services, drugs, and the other goods and services that people buy for day-to-day living. Each month, prices are collected in 75 urban areas across the country from about 6,000 housing units and approximately 22,000 retail establishments: department stores, supermarkets, hospitals, filling stations, and other types of stores and service establishments. All taxes directly associated with the purchase and use of items are included in the index.”

The New York-Newark-Jersey City, NY-NJ-PA Core Based Statistical Area includes Bronx, Dutchess, Kings, Nassau, New York, Orange, Putnam, Queens, Richmond, Rockland, Suffolk, and Westchester Counties in New York; Bergen, Essex, Hudson, Hunterdon, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex, and Union Counties in New Jersey; and Pike County in Pennsylvania.

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