New Yorkers shuffle past stations advertising gas for $4 a gallon; fork over $5 for a bacon, egg and cheese; and can sometimes barely afford apartments bigger than 275 square feet. They feel what the official numbers say — that inflation is complicating American life.
As a ripple effect of the war in Iran, prices across the United States in March had the highest monthly gain since June 2022. At that time in New York City, food prices had increased at their fastest annual pace since 1981. Locals were stunned to find that French fries suddenly cost $15, cocktails were $20, and a specialty sandwich set them back $18 — figures that might be viewed as a deal in present-day New York.
Brandon Goldstein, a financial planner at Prudential Financial, said that he has advised his clients to set detailed budgets to get a sense of which expenses classify as “needs,” such as rent and utilities, and “wants,” such as shopping or dining out.
“If you find yourself in a position where you are living paycheck to paycheck and eating into your savings each month, those ‘wants’ are the first place you should look to cut,” he said.
The New York Times talked to six people in New York City about how they were coping with inflation and higher costs.
Candice Harte, who lives in New Jersey and works in human resources in Midtown Manhattan, said that she and her fiancé had started doing at-home date nights, opting for movie nights on the couch instead of at the cinema.
“We do movie night and get popcorn and candy and things like that,” Ms. Harte said. “Popcorn and candy at the movies costs a million dollars, so might as well do it at home.”
Doug Dimon said that he was grateful he did not own a car, because of soaring gas prices, but that he was still feeling the pinch. He and his partner, who live in the Flatiron neighborhood in Manhattan, have started to cook many more meals at home.
“We used to eat out at least three times a week,” Mr. Dimon, a digital consultant, said. “My partner cooks almost every night now.”
Olivia Schick said that inflation was affecting her work as a costume assistant because importing fabrics had become much more expensive. In her personal life in the Boerum Hill area of Brooklyn, she has cut back on fun.
“I’m being more frugal with spending on leisure — bars, concerts and a lot of extracurriculars, like getting nails done,” she said. “And I’m probably laying a closer eye at the grocery store than I otherwise would.”
Shadei Gordon said she felt inflation most sharply on everyday items, but was resistant to changing her lifestyle to ease the pressure. “If I cut back on it, it would make me unhappy,” she said. But while she feels as if she could get priced out of New York City, where she lives in the Brooklyn neighborhood of Crown Heights, moving to another city wouldn’t help, she said.
Instead, she would probably move out of the country if she left. “You can go out of state; certain items are marginally cheaper, but other things are a lot more expensive,” she said.
Lamont Gross said that he and his wife recently moved to Hoboken, New Jersey, where they live with their 1-year-old son and pay what Mr. Gross estimated to be 40 percent less than they would for the same square footage in Manhattan. They have what they call a “family tax” — when paychecks hit, the first thing that comes out is cash for nuts-and-bolts costs, such as electricity and rent. Anything leftover is saved for the future, like their son’s eventual college tuition.
“Family tax has increased recently, and it comes down to things are getting more expensive,” Mr. Gross, who works in information technology, said. “It’s gone up extra thousands a month.”
Jamil Karimi runs a coffee cart on West 39th Street near Times Square. Supporting his wife, 17-year-old daughter and 7-year-old son has become more difficult, he said, and he feels his daughter’s impending move to college weighing on his mind. As inflation has increased, his business has decreased, he said, with commuters cutting back on costs like a coffee and a doughnut on their walk to work.
“I worry about the future. Business is getting slow,” he said. “Everybody is worried about their future, especially when you have a family.”
Samantha Latson contributed reporting.
Claire Fahy reports on New York City and the surrounding area for The Times.
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