Connect with us

Published

on

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 its 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.

Inflation is cooling in most other parts of the country after massive pandemic-era highs of 9% in 2022 but the bustling Big Apple is seeing prices soar at the fastest pace of any major city measured by the Bureau of Labor Statistics.

Food prices rose 1.8% in November since the year before a 2.6% increase for dining out, and a 1.4% increase for food at-home, the data said. 

The gains were largely driven by a 4% increase in meat, poultry, fish and egg prices.

Many people talk to me about the added stress of making ends meet and even enjoying simple things such as a cup of coffee, Jonathan Alpert, a New York-based psychotherapist, told The Post. What was once a $3 indulgence is now close to $4 and at some independent coffee shops, well over $4. 

Housing prices in the city are rising faster than the national average. New York shelter prices rose 5.7% in November since the year before above the 4.7% national gain.

In NYC, there is a lot more demand for housing and its harder to build new construction, so you see shelter prices rising. Even a modest increase like 5.7% for shelter can have a very big impact on your overall household budget because of the already skyrocketing prices, Ted Jenkin, business consultant and co-founder of oXYGen Financial, told The Post.

New Yorkers aren’t catching a break on furniture, either. Household furnishings and operations, which tracks the prices of home goods and services, rose a whopping 6.9% in November way above the national 0.4% increase.

Household energy prices also shot up, with natural gas service costs jumping 13.9% though gasoline prices dropped 13.4% in the same period, according to the Bureau of Labor Statistics.

New Yorkers are feeling the pain when it comes to everyday purchases, too, as clothing prices spiked 4.1% since last year and transportation prices rose 3.8%.

Some companies may be hiking their prices ahead of Gov. Kathy Hochuls congestion pricing, set to take effect Jan. 2025 since everything that comes in and out of NYC is on a truck, Mahoney Asset Management CEO Ken Mahoney told The Post.

The tolls will be like kerosene on a fire when it comes to the prices of everyday goods for city slickers, as companies will pass along the added costs to consumers, Mahoney said.

New York City students did not escape the hotter-than-usual inflation, either, as tuition prices jumped 5.1%.

The Bureau of Labor Statistics measures inflation in 23 metro areas. New York, Los Angeles and Chicago report monthly, while the others report bimonthly. 

Continue Reading

Politics

European leaders to meet in Ukraine for ‘coalition of the willing’ talks – and issue call to Russia

Published

on

By

European leaders to meet in Ukraine for 'coalition of the willing' talks - and issue call to Russia

Sir Keir Starmer will join other European leaders in Kyiv on Saturday for talks on the “coalition of the willing”.

The prime minister is attending the event alongside French President Emmanuel Macron, recently-elected German Chancellor Friedrich Merz and Polish Prime Minister Donald Tusk.

It will be the first time the leaders of the four countries will travel to Ukraine at the same time – on board a train to Kyiv – with their meeting hosted by President Volodymyr Zelenskyy.

Follow latest updates on the Ukraine war

Britain's Prime Minister Keir Starmer meets with French President Emanuel Macron and German Chancellor Friedrich Merz on board a train to the Ukrainian capital Kyiv where all three will hold meetings with Ukrainian President Volodymyr Zelensky, May 9, 2025. Stefan Rousseau/Pool via REUTERS
Image:
Sir Keir Starmer, Emmanuel Macron and Friedrich Merz travelling in the saloon car of a special train to Kiev. Pic: Reuters

Military officers from around 30 countries have been involved in drawing up plans for the coalition, which would provide a peacekeeping force in the event of a ceasefire being agreed between Russia and Ukraine.

Ahead of the meeting on Saturday, Sir Keir, Mr Macron, Mr Tusk and Mr Merz released a joint statement voicing support for Ukraine and calling on Russia to agree to a 30-day ceasefire.

Sir Keir Starmer and Volodymyr Zelenskyy during a meeting in March. Pic: AP
Image:
Sir Keir and Volodymyr Zelenskyy during a meeting in March. Pic: AP

“We reiterate our backing for President Trump’s calls for a peace deal and call on Russia to stop obstructing efforts to secure an enduring peace,” they said.

“Alongside the US, we call on Russia to agree a full and unconditional 30-day ceasefire to create the space for talks on a just and lasting peace.”

Please use Chrome browser for a more accessible video player

Putin’s Victory Day parade explained

The leaders said they were “ready to support peace talks as soon as possible”.

But they warned that they would continue to “ratchet up pressure on Russia’s war machine” until Moscow agrees to a lasting ceasefire.

“We are clear the bloodshed must end, Russia must stop its illegal invasion, and Ukraine must be able to prosper as a safe, secure and sovereign nation within its internationally recognised borders for generations to come,” their statement added.

“We will continue to increase our support for Ukraine.”

Read more:
Russia’s VE Day parade felt like celebration of war
Michael Clarke Q&A on Ukraine war
Ukraine and Russia accuse each other of breaching ceasefire

Follow The World
Follow The World

Listen to The World with Richard Engel and Yalda Hakim every Wednesday

Tap to follow

The European leaders are set to visit the Maidan, a central square in Ukraine’s capital where flags represent those who died in the war.

They are also expected to host a virtual meeting for other leaders in the “coalition of the willing” to update them on progress towards a peacekeeping force.

This force “would help regenerate Ukraine’s armed forces after any peace deal and strengthen confidence in any future peace”, according to Number 10.

Continue Reading

Politics

The ‘tricky balancing act’ facing Starmer over US trade deal – and the real challenge to come

Published

on

By

The 'tricky balancing act' facing Starmer over US trade deal - and the real challenge to come

If you want a very visual representation of the challenges of transatlantic diplomacy in 2025, look no further than Oslo City Hall.

Its marbled mural-clad walls played home to a European military summit on Friday.

In December – as it does every year – it will host the Nobel Peace Prize ceremony. It’s an award Donald Trump has said he deserves to win.

But while the leaders gathering in the Norwegian capital may not say it publicly, they all have a very different perspective to the US president on how to win the peace – particularly when it comes to Ukraine.

Sir Keir Starmer at a summit in Oslo. Pic: PA
Image:
Sir Keir Starmer at a summit in Oslo. Pic: PA

So far, Sir Keir Starmer has managed to paper over these foreign policy gaps between the US and Europe with warm words and niceties.

But squaring the two sides off on trade may be more difficult.

The US-UK deal announced on Thursday contained no obvious red flags that could scupper deeper trade links with the EU.

Please use Chrome browser for a more accessible video player

PM defends UK-US trade deal

However, that’s in part because it was more a reaction and remedy to Mr Trump’s tariff regime than a proactive attempt to meld the two countries together.

Laced with party-political venom, yes, but the Tory leader Kemi Badenoch is getting at something when she says this agreement is “not even a trade deal, it’s a tariff deal and we are in a worse position now than we were six weeks ago”.

There may be more to come though.

Please use Chrome browser for a more accessible video player

How good is the UK-US deal?

The government will talk up the possible benefits, but there are risks too.

Take the Digital Services Tax – much hated by the Trump White House as an unfair levy on US tech firms.

Despite the apparent pitch-rolling from the government, that was left untouched this week.

But asked to rule out changes in the future, the prime minister was non-committal, simply saying the current deal “doesn’t cover that”.

Read more:
Key details of UK-US trade deal
Not the broad trade deal of Brexiteer dreams – analysis

For trade expert David Henig, the potential flashpoints in the transatlantic Venn diagram Downing Street is trying to draw around food standards, digital regulation and services.

“It is a tricky balancing act, at this stage it looks like the UK will go more with the EU on goods regulations, but perhaps a little bit more with the US on services regulations,” he said.

For veterans of the post-2016 Brexit battles, this may all sound like Labour embracing the Boris Johnson-era mantra of “cakeism” – or trying to have it both ways.

👉 Click here to listen to Electoral Dysfunction on your podcast app 👈

It’s ironic indeed, given Sir Keir is a politician who supported the Remain campaign and then called for a second referendum.

But what matters now is what works – not for Downing Street but for the swathes of voters who have abandoned Labour since they took office.

That’s why the prime minister was once again trying to humanise this week’s trade deals.

These are agreements, he said, that would be measured in the “many thousands of jobs” they would safeguard across the country.

That’s the real challenge now, taking the work done in the marbled halls of the world’s capitals and convincing people at home why it matters to them.

Continue Reading

World

European leaders to meet in Ukraine for ‘coalition of the willing’ talks – and issue call to Russia

Published

on

By

European leaders to meet in Ukraine for 'coalition of the willing' talks - and issue call to Russia

Sir Keir Starmer will join other European leaders in Kyiv on Saturday for talks on the “coalition of the willing”.

The prime minister is attending the event alongside French President Emmanuel Macron, recently-elected German Chancellor Friedrich Merz and Polish Prime Minister Donald Tusk.

It will be the first time the leaders of the four countries will travel to Ukraine at the same time – on board a train to Kyiv – with their meeting hosted by President Volodymyr Zelenskyy.

Follow latest updates on the Ukraine war

Britain's Prime Minister Keir Starmer meets with French President Emanuel Macron and German Chancellor Friedrich Merz on board a train to the Ukrainian capital Kyiv where all three will hold meetings with Ukrainian President Volodymyr Zelensky, May 9, 2025. Stefan Rousseau/Pool via REUTERS
Image:
Sir Keir Starmer, Emmanuel Macron and Friedrich Merz travelling in the saloon car of a special train to Kiev. Pic: Reuters

Military officers from around 30 countries have been involved in drawing up plans for the coalition, which would provide a peacekeeping force in the event of a ceasefire being agreed between Russia and Ukraine.

Ahead of the meeting on Saturday, Sir Keir, Mr Macron, Mr Tusk and Mr Merz released a joint statement voicing support for Ukraine and calling on Russia to agree to a 30-day ceasefire.

Sir Keir Starmer and Volodymyr Zelenskyy during a meeting in March. Pic: AP
Image:
Sir Keir and Volodymyr Zelenskyy during a meeting in March. Pic: AP

“We reiterate our backing for President Trump’s calls for a peace deal and call on Russia to stop obstructing efforts to secure an enduring peace,” they said.

“Alongside the US, we call on Russia to agree a full and unconditional 30-day ceasefire to create the space for talks on a just and lasting peace.”

Please use Chrome browser for a more accessible video player

Putin’s Victory Day parade explained

The leaders said they were “ready to support peace talks as soon as possible”.

But they warned that they would continue to “ratchet up pressure on Russia’s war machine” until Moscow agrees to a lasting ceasefire.

“We are clear the bloodshed must end, Russia must stop its illegal invasion, and Ukraine must be able to prosper as a safe, secure and sovereign nation within its internationally recognised borders for generations to come,” their statement added.

“We will continue to increase our support for Ukraine.”

Read more:
Russia’s VE Day parade felt like celebration of war
Michael Clarke Q&A on Ukraine war
Ukraine and Russia accuse each other of breaching ceasefire

Follow The World
Follow The World

Listen to The World with Richard Engel and Yalda Hakim every Wednesday

Tap to follow

The European leaders are set to visit the Maidan, a central square in Ukraine’s capital where flags represent those who died in the war.

They are also expected to host a virtual meeting for other leaders in the “coalition of the willing” to update them on progress towards a peacekeeping force.

This force “would help regenerate Ukraine’s armed forces after any peace deal and strengthen confidence in any future peace”, according to Number 10.

Continue Reading

Trending