NEW YORK, NY July 16, 2008 —The U.S. Labor Department is confirming today what many shoppers already know - prices are going up in our area. A consumer price analysis for New York and its suburbs found a 4.5 percent jump in the cost of goods from June 2007 to June 2008.

And prices appear to be rising at an increasing rate: April's index showed only a 2 percent increase.

Overall, the US consumer price index was up 1 percent from May, with the biggest rise in the cost of energy and food.

In a statement, Sen. Charles Schumer expressed concern that prices are going up even as the economy is cooling down.