Food prices in NYC soared over last decade, outpacing income growth
Over the past decade, the cost of dining out or eating in has risen by more than 56% in the New York City metropolitan area — approximately 10% higher than the national average — according to a report on the cost of living in the city released Thursday by state Comptroller Thomas DiNapoli.
By comparison, the average annual pretax income in the region only grew approximately 52% during that same period, between 2012–2013 and 2022–2023, according to the most recent available data from the U.S. Bureau of Labor Statistics.
The report also found that food prices in the five boroughs, Long Island, and surrounding counties have jumped more than 25% since 2019, with low-income households now spending significantly more on food than before the pandemic.
In 2022–2023, households in the New York City metropolitan area spent about $11,288 annually on food, accounting for 12.5% of their total expenses — the fourth-largest portion of household spending.
Nationally, food spending averaged $9,664 per year, making up 12.9% of total household expenditures and ranking as the third-largest share.
Over that same period, households in the city earning less than $15,000 spent nearly 70% of their income on food — a 16-point increase in just four years, compared with a mere 0.7-point rise for households earning $200,000 or more.
'My office is closely monitoring the factors driving affordability issues in the city and state, and it is clear that higher food costs are putting pressure on household budgets in New York City, with price increases outpacing income growth,' DiNapoli said.
While food price growth in New York City slowed between 2023 and 2024 — with a 1.8% increase in the city's food price index compared with the nation's 2.3% growth — recent sharp increases have still left many lower-income households struggling to afford groceries, even as inflation concerns have eased.
From 2021 to 2022, the city's food price index surged by 8.8%, marking the highest increase in over 40 years.
'Food prices rose sharply during the pandemic, putting more New Yorkers at risk of going hungry,' DiNapoli said. 'Now the implementation of tariffs and potential cuts to federal food and other support programs may exacerbate the problem.'
Last month, a new poll commissioned by the nonprofit No Kid Hungry New York found that 53% of New Yorkers have taken on additional debt in the past 12 months as they struggle to feed their families, with Black and Hispanic New Yorkers — and especially women of color — being hit the hardest.
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