Consumer prices have risen sharply in the New York City area over a 12 month period ending in March, according to Comptroller Tom DiNapoli's office in an analysis released on Friday. 

Federal data show the 6.1% increase in prices between March 2021 and last month were driven in large part by double-digit growth in energy and transportation costs. At the same time, price increases in the New York City area are set to outpace the growth in earnings. 

“Tracking the rise of prices, and the consumer response to these changes, is necessary to understand the state’s economic outlook and the potential effects on its fiscal picture,” DiNapoli said. “While the Federal Reserve Board has begun to act, global supply chain challenges and the effects of geopolitical instability on commodity prices are likely to continue to drive prices higher in the short-term. My office will continue to analyze how inflation is affecting New Yorkers, as the state and nation grapple with a changing economic and public health environment.”

Additional cost increases were seen in food and recreation. Some prices may level out, but in the near term, inflation is expected to remain high. 

State lawmakers and Gov. Kathy Hochul in April agreed to a suspension of gas taxes of 16 cents per gallon. The measure, part of the $220 billion state budget, will take effect on June 1 and last through the end of the year.