Permits Filed For 130 Beach 120th Street In Rockaway Park, Queens

EDITOR'S NOTE:

This will be another test of placing an eight story building in a residential area much like the Foodtown Proposal for Community Board 10 in the Bronx.

Permits have been filed for an eight-story residential building at 130 Beach 120th Street in Rockaway Park, Queens. Located between Rockaway Beach Boulevard and the ocean promenade, the lot is within walking distance of the Rockaway Park-Beach 116th Street subway station, serviced by the A train. Dennis Druzhinsky under the 130 Beach 120 Rockaway LLC is listed as the owner behind the applications.

The proposed 80-foot-tall development will yield 33,834 square feet designated for residential space. The building will have 40 residences, most likely rentals based on the average unit scope of 845 square feet. The concrete-based structure will also have a cellar and 12 enclosed parking spaces.

Michael Muroff Architect is listed as the architect of record.

Demolition permits have not been filed yet. An estimated completion date has not been announced.

Physician Indicted in $10 Million Telemedicine Health Care Fraud Scheme

 

 An indictment was unsealed today in federal court in Brooklyn charging Elemer Raffai, an orthopedic surgeon, with health care fraud in connection with a $10 million scheme involving the submission of false and fraudulent claims to Medicare and Medicare Part D plans. Raffai was arrested today and will make his initial court appearance this afternoon in United States District Court for the Northern District of New York.

Breon Peace, United States Attorney for the Eastern District of New York; Kenneth A. Polite, Jr. Assistant Attorney General of the Justice Department’s Criminal Division; Scott J. Lampert, Special Agent-in-Charge, U.S. Department of Health and Human Services, Office of Inspector General’s Office of Investigations (HHS-OIG); and Janeen DiGuiseppi, Special Agent-in-Charge, Federal Bureau of Investigation, Albany Field Office (FBI), announced the arrest and indictment.

“In exchange for kickbacks from telemedicine companies, Dr. Raffai allegedly submitted millions of dollars in false and fraudulent claims to Medicare on behalf of beneficiaries without even examining them or based on conversations on the phone that lasted less than three minutes,” stated United States Attorney Peace. “Dishonest doctors who think Medicare is a cash cow and connect with telemedicine companies to brazenly steal from this vital taxpayer-funded program, will find themselves arrested, prosecuted and their scheme disconnected.”

“These allegations describe a physician who is more motivated by personal enrichment than his duty to provide appropriate and necessary care to his patients,” stated HHS-OIG Special Agent in Charge Lampert. “Dr. Raffai is accused not only of disregarding proper patient care, but also of pilfering funds from a program upon which millions of citizens depend for health services. Our agency and law enforcement partners are dedicated to tracking down individuals who commit health care offenses, and their involvement in a fraud network does not insulate them from our pursuit.”

“Healthcare fraud is a serious crime that impacts every American. Dr. Raffai cheated the system for his own personal gain in the amount of $10 million. Like many others who commit healthcare fraud, Dr. Raffai’s crimes contribute to the rising cost of health care for everyone. The FBI, along with our partners, will continue to investigate healthcare fraud to ensure these individuals who willingly defraud the American people are brought to justice,” stated FBI Special Agent-in-Charge DiGuiseppi.

According to the indictment, Dr. Raffai purported to practice telemedicine with the AffordADoc Network and other telemedicine companies that paid the defendant for each consultation with a beneficiary. Between July 2016 and June 2017, Dr. Raffai allegedly participated in a health care fraud scheme in which he signed prescriptions and order forms via purported telemedicine services for durable medical equipment (DME), including orthotic braces, that were not medically necessary. Dr. Raffai caused the submission of these claims based solely on a short telephone conversation for beneficiaries he had not physically examined and evaluated, and that were induced, in part, by the payments of bribes and kickbacks. Dr. Raffai was paid by telemedicine companies approximately $25 or $30 per patient consultation. The indictment further alleges that Dr. Raffai, together with others, submitted or caused the submission of approximately $10 million in false and fraudulent claims to Medicare for DME on behalf of beneficiaries who were residents of the Eastern District of New York, and Medicare paid more than $4 million on those claims.

The charges in the indictment are allegations, and the defendant is presumed innocent unless and until proven guilty. If convicted, Dr. Raffai faces up to 10 years in prison.

The FBI and HHS-OIG are investigating the case, which was brought as part of the Medicare Fraud Strike Force under the supervision by the U.S. Attorney’s Office for the Eastern District of New York and the Criminal Division’s Fraud Section. Trial Attorneys Andrew Estes and Kelly M. Lyons of the Criminal Division’s Fraud Section are in charge of the prosecution.

The Fraud Section leads the Medicare Fraud Strike Force. Since its inception in March 2007, the Medicare Fraud Strike Force, which maintains 15 strike forces operating in 24 districts, has charged more than 4,200 defendants who have collectively billed the Medicare program for nearly $19 billion. In addition, the HHS Centers for Medicare & Medicaid Services, working in conjunction with the HHS-OIG, are taking steps to increase accountability and decrease the presence of fraudulent providers.

MAYOR ADAMS APPOINTS MARGARET ANADU CHAIR OF NYCEDC BOARD OF DIRECTORS

 

New York City Mayor Eric Adams today announced the appointment of Margaret Anadu as chair of the board of directors of the New York City Economic Development Corporation (NYCEDC). Anadu is a national leader in identifying financially sound investments that provide resources for and support the growth of underserved communities.

 

In her role, Anadu will lead the organization’s 27-member board, which helps to guide NYCEDC’s agenda as the city’s primary economic development vehicle. NYCEDC leverages the city’s assets to create good jobs and drive growth, helping to build a more equitable inclusive economy as the city recovers from the pandemic.

 

“With her investing expertise and her deep commitment to underserved communities, Margaret Anadu is the right person to ensure the city’s economic development work is building a more prosperous, more equitable, and more inclusive city,” said Mayor Adams. “Bringing back our city’s economy is an urgent priority for this administration, but we must think bigger and do better than trying to bring back a pre-pandemic city. I look forward to working with Margaret and the rest of our NYCEDC leadership to build the stronger, fairer city New Yorkers deserve.”

 

“Margaret Anadu is one of the preeminent leaders in New York City on financing, structuring, and mission-driven investment,” said Deputy Mayor for Economic and Workforce Development Maria Torres-Springer. “In joining our team as chair of the Economic Development Corporation, she will apply these skills and her years of experience to an essential task — charting a course for an accelerated and inclusive recovery that lifts all New Yorkers.”

 

“I am deeply humbled to serve as the chairwoman of the New York City Economic Development Corporation’s board of directors,” said Margaret Anadu, incoming chair, board of directors, NYCEDC. “Mayor Adams has a fearless vision to ensure the city’s economic recovery not only rapidly accelerates but also reaches and uplifts all New Yorkers, and I have directly witnessed EDC’s central role in driving that inclusive growth. In this incredibly important time, I am energized by the opportunity to volunteer my time and effort to build a stronger, more equitable, and more resilient future for this great city that we all love.”

 

“Margaret Anadu is uniquely qualified to serve as EDC board chair, as we work to both revitalize and build a more inclusive economy,” said NYCEDC President and CEO Andrew Kimball. “The EDC team is thrilled to have the opportunity to work with Margaret and benefit from her experience and leadership.”

 

About Margaret Anadu

 

Margaret Anadu has devoted her career to investing that simultaneously drives strong financial returns and demonstrable positive impact on underserved individuals, families, and communities. She is widely recognized as one of the foremost experts on equitable access to capital, having invested over $10 billion across hundreds of transactions throughout the United States, and was named one of the most influential figures in U.S. commercial real estate by Commercial Observer. Margaret is a trusted advisor to many senior government officials at the federal, state, and local levels on utilizing private capital to create more equitable communities. As an experienced investor and thought leader on public-private partnerships, Margaret is often asked to share her views, including appearances on CNN, Bloomberg, CNBC, and Yahoo Finance. She was named to “40 Under 40” lists by Fortune, Black Enterprise, and Crain’s.

Until recently, Margaret was a partner at Goldman Sachs, where she was the global head of sustainability and impact for asset management and chair of the Urban Investment Group (UIG), the first impact investing platform at a major U.S. financial institution and Goldman Sachs’ primary impact investing platform. Under her leadership, UIG’s portfolio primarily comprised of real estate, with a focus on workforce, affordable, and mixed-income housing, but also included investments in community facilities, educational space, industrial facilities, green infrastructure, student loans, small businesses, and minority-owned financial institutions. Margaret ultimately grew the business to $3 billion of equity and debt commitments annually.

As a leader with a clear understanding of the role market-based capital plays in addressing society’s greatest challenges, Margaret was the chief architect of the One Million Black Women investment strategy — Goldman Sachs’ $10 billion capital commitment to narrow opportunity gaps for Black women in the United States and, by extension, their families and broader communities. In addition, during the COVID-19 pandemic, she led the firm’s $2 billion relief effort for small businesses.

Margaret serves on the boards of the Center for an Urban Future, the Low Income Investment Fund, Smithsonian National Portrait Gallery, New York Public Radio, Planned Parenthood Federation of America, and the Africa Center.

Born in Houston, Texas, Margaret is a graduate of Harvard College and lives in Brooklyn with her husband and two children.

 

Governor Hochul Vetoes 33 Legislative Additions to the FY 2023 Enacted Budget

Governor Kathy Hochul today announced the submission of 33 vetoes in accordance with Article VII of the State Constitution.

The vetoes include 23 appropriations that are fully expended and three that have minimal spending authority remaining. One appropriation is duplicative of another appropriation for the same purpose, and another appropriation has been previously vetoed. Five appropriations are vetoed on the grounds of being unconstitutional alterations.

The full list of vetoes is available here.

Chinese National Sentenced To 52 Months For $20 Million Covid-19 Pandemic Loan Fraud Scheme

Muge Ma, a/k/a “Hummer Mars,” Lied that His Phony Companies Had Hundreds of Employees and Paid Millions in Wages to Receive COVID-19 Loan Funds 

 Damian Williams, the United States Attorney for the Southern District of New York, announced today that MUGE MA, a/k/a “Hummer Mars,” was sentenced to 52 months in prison in connection with a fraudulent scheme to obtain over $20 million in Government-guaranteed loans designed to provide relief to small businesses during the novel coronavirus/COVID-19 pandemic.  In connection with loan applications for relief available from the Paycheck Protection Program (“PPP”) and the Economic Injury Disaster Loan (“EIDL”) Program, MA falsely represented to the U.S. Small Business Administration (“SBA”) and six financial institutions that his companies, New York International Capital LLC (“NYIC”) and Hurley Human Resources LLC (“Hurley”), had hundreds of employees and paid millions of dollars in wages to those employees, when, in fact, MA appears to have been the only employee of his companies.  MA previously pled guilty to bank fraud and aggravated identity theft before U.S. District Judge Richard M. Berman, who imposed today’s sentence.  MA was arrested on May 21, 2020 and has been detained since his arrest. 

U.S. Attorney Damian Williams said:  “Within days of Congress authorizing billions of dollars to help small businesses struggling to make ends meet during the COVID-19 pandemic, Muge Ma saw it as an opportunity to enrich himself by applying for millions of dollars in funds to pay wages to hundreds of employees that never existed.  Today’s sentence demonstrates that this Office and our law enforcement partners will work tirelessly to prosecute those who sought to commit pandemic relief fraud.”

According to public filings in Manhattan federal court:

The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act is a federal law enacted on March 29, 2020, designed to provide emergency financial assistance to the millions of Americans who are suffering the economic effects caused by the COVID-19 pandemic.  One source of relief provided by the CARES Act was the authorization of hundreds of billions of dollars in forgivable loans to small businesses for job retention and certain other expenses through the SBA’s PPP.  Pursuant to the CARES Act, the amount of PPP funds a business is eligible to receive is determined by the number of employees employed by the business and their average payroll costs.  Businesses applying for a PPP loan must provide documentation to confirm that they have previously paid employees the compensation represented in the loan application.  The CARES Act also expanded the separate EIDL Program, which provided small businesses with low-interest loans of up to $2 million that can provide vital economic support to help overcome the temporary loss of revenue they are experiencing due to COVID-19. 

From at least in or about March 2020 through at least on or about May 15, 2020, MA applied to the SBA and at least six banks for a total of over $20 million in Government-guaranteed loans for his companies NYIC and Hurley (together, the “Ma Companies”) through the SBA’s PPP and EIDL Program.  In connection with these loan applications, MA represented, among other things, that he was the sole owner and executive director of the Ma Companies, that the Ma Companies were located on the sixth floor of his luxury condominium building in New York, New York, and that NYIC and Hurley together had hundreds of employees and paid millions of dollars in wages to those employees on a monthly basis.  In fact, however, MA appears to have been the only employee of NYIC since at least in or about 2019, and Hurley does not appear to have any employees.  In order to support the false representations made by MA in the loan applications about the number of employees at, and the wages paid by, the Ma Companies, MA submitted fraudulent and doctored bank records, tax records, insurance records, payroll records, and/or audited financial statements to six different banks, and also provided links to the Ma Companies’ websites, which describe them as purportedly “global” companies.  MA also used the name and identity of another person in connection with the submission of a fraudulent loan application and supporting documentation to at least one financial institution.

Before the discovery of the fraudulent conduct by MA, the SBA approved a $500,000 EIDL Program loan for NYIC and a $150,000 EIDL Program loan for Hurley, and $20,000 in loans advances were provided to MA by the SBA.  In addition, a bank approved and disbursed over approximately $800,000 in PPP loan funds for Hurley, which were frozen in connection with this investigation.  MA thereafter withdrew his loan applications from the banks and returned the funds.

Mr. Williams praised the investigative work of the FBI’s Financial Cybercrimes Task Force, SBA-OIG, and IRS-CI.  Mr. Williams also thanked the Office of the New York State Comptroller, the New York State Department of Labor, and the New York City Police Department for their assistance with the investigation.

Body cam footage released of Syracuse police stopping boy over bag of chips

 

EDITOR'S NOTE:

This is the viral video of boy being placed in police car over stolen bag of chips as released by the Syracuse Police.

The department has released all of the body-worn camera footage -- recordings from all three officers involved.

“Some of the video is hard to watch,” Syracuse Police First Deputy Chief Joe Cecile said at the news conference. “This morning, you saw more video from body cams of what occurred that day, a well-rounded story with a positive outcome.”

Here’s a synopsis of the videos police showed and discussed at the news conference:

When officers saw the three young children suspected of the thefts, they immediately jumped out of their cars and confronted them. One officer can be heard yelling “what are you doing” before an 8-year-old, who was sitting on his bike, dropped the bag of chips he was holding.

It was quickly clear that the officers were very familiar with the children involved. When Officer Matthew Behuniak, approached the 8-year-old, he asked the child if he remembered the last interaction they had.

“Didn’t we just go through this,” Behuniak said. “You were crying in the backseat of my car, remember that?”

Behuniak then instructs the child to get off his bike, before dumping the bag of chips onto his lap.

The child tells the officer, “It wasn’t me,” before being instructed to get off his bike again.

As Behuniak, who is holding the child by his hood, begins to pull him off the bike, you can hear a bystander demand that the officer removes his hands from the child. That bystander, Kenneth Jackson, filmed the video that went viral.

The officer pulls the child off the bike as Jackson continues to yell at the officer.

When the 8-year-old is pulled off the bike, another child involved tries to pull the 8-year-old away from the officer before giving up and stepping back.

Moments later, Jackson begins filming the now-viral video of the encounter. The child, being restrained by Behuniak, begins screaming that he was not the one that stole the chips.

Behuniak yells to Jackson that he does not understand the situation and should leave them to do their jobs.

Officer David Circiriello approaches Jackson to explain that the child was stealing things while Behuniak attempts to put the child into the back of the patrol car. Buhuniak later explains that he will be taking the child home.

The 8-year-old struggles with the officer as he attempts to get out of the car. Behuniak eventually pushes the child further away from the door and quickly closes it. Behuniak did not place a seatbelt on the child.

Once the child is in the car, Behuniak continues the verbal altercation with Jackson.

Behuniak points toward Jackson and tells him had he committed the same crime, he would be taken to jail, but the kids will be brought home.

The video shown by police then transitions to a clip from inside the patrol car as Behuniak drives the child home. The child continues to scream and begins banging on the barricade between the back seat and the front seat of the patrol car.

Behuniak tells the child that he is taking him home and tells him if he doesn’t want to be in this situation he has to stop stealing things.

The child continues to say that he was not the one who stole the chips while crying in the back seat of the patrol car.

The final video shown by police begins when the officers release the children to their father and begin a talking with him and the children in the street.

“What’s happening again today is the three of them are riding around the city, going into stores and grabbing up stuff and running out,” Behuniak told the father.

The father of the children shows visible frustration and disappointment with the situation. He explains that he is busy working and his wife is sick, making it difficult to keep a close eye on their kids.

The father even asks the officers if the kids could be detained for a while. The officers explains that they cannot detain the boys based on their ages and the petty nature of their crimes.

After speaking with the father, the officers join him to address the three children directly. Together the father and police explain to the children that they need to learn to be respectful of others and their property.

One officer asks the boys why they choose to lock up their bikes. The boys explain that they don’t want them to be stolen. The officer tells the boys that if they don’t like it when people take their things, they should consider that before stealing from others.

The officers ended the interaction by telling the children they did not want to meet them like this again. However, they hoped if they saw the kids around, they would be able to have a friendly conversation with them.

Office of the New York State Comptroller - Inflation in the New York City Metropolitan Area

Inflation in the New York City Metropolitan Area Last week, the U.S. Bureau of Labor Statistics (BLS) released new data indicating consumer prices grew by 8.5 percent nationally and 6.1 percent in the New York City Metropolitan Area (NYC metro area) in March 2022 compared to the same month a year ago.1 For over a decade following the Great Recession of 2008, inflation remained low, generally under 2 percent; however, price increases began to accelerate in the spring of 2021 and are now growing at the highest annual rate in 30 years in the NYC metro area.2 During this high inflationary period, increases in the NYC metro area have been less than those nationally and in other large metropolitan areas; nevertheless, price increases appear poised to outstrip earnings growth. Specifically, consumer costs in the NYC metro area have grown most steeply for energy, transportation, recreation and food. While some price increases may moderate in months to come, short-term expectations of persistent inflation remain high.3 Consumer spending habits have already shifted, and persistent inflation on essential household items, such as housing and food, will limit purchasing power and squeeze household budgets absent stronger wage growth. The Basket of Goods The most commonly used measure of household inflation is the Consumer Price Index (CPI), which has historically provided a reliable benchmark for price changes across a fixed basket of goods in the nation, regions and metropolitan areas.4 The basket contains goods and services classified into the general categories of food and beverages, housing, apparel, transportation, medical care, recreation, education and communication, and other goods and services. The basket is developed from detailed spending information provided by individuals and families on the BLS’ Consumer Expenditure Survey. The survey provides a sense of local consumer spending habits, which look a bit different in each area. As consumer spending habits differ by geography, so does the basket of goods. For example, housing comprises the largest share of consumer spending (39 percent in the NYC metro area), but the second largest expense varies. In the NYC metro area, it is food (13 percent); in the Los Angeles metro area, it is transportation (16 percent). These consumer spending habits are important for understanding how the CPI is calculated, since price changes are weighted by the importance of an item in the spending patterns of a particular regional population.5 NYC Metro Area Prices Rising More Slowly Prior to the pandemic, the last major U.S. recession lasted from December 2007 to June 2009. In the period since, inflation remained low: annual price increases averaged 1.6 percent compared to the same month in the prior year from January 2009 to December 2019. As shown in Figure 1, during this period, consumer price increases in the NYC metro area generally tracked the nation, with prices rising slightly more nationally (22 percent) than in the NYC metro area (20 percent). FIGURE 1: Cumulative Increase in Consumer Prices from January 2009 to December 2019, NYC Metro Area and U.S. Sources: U.S. Bureau of Labor Statistics, Consumer Price Index; OSC analysis At the onset of the pandemic, consumer price increases slowed more nationally than in the NYC metro area, and began to rise beyond 2 percent nationally in March 2021 and in the NYC metro area in April 2021. As shown in Figure 2, consumer prices from the same month in the prior year have accelerated since then, but less so in the NYC metro area than nationally. In March 2022, the most recent month for which data are available, prices grew 8.5 percent nationally compared to 6.1 percent in the NYC metro area. FIGURE 2: Growth in Consumer Prices from the Same Month in the Prior Year, NYC Metro Area and U.S., January 2020 to⁠ March 2022 Sources: U.S. Bureau of Labor Statistics, Consumer Price Index; OSC analysis Slower Growth in NYC Metro Area Prices To Date Prior to the pandemic, annual growth rates in overall prices in the NYC metro area lagged behind many other large metropolitan areas. At the onset of the pandemic in March 2020, prices had been rising more in the NYC metro area than in other large urban areas and the nation. As shown in Figure 3, by March 2021, prices grew more sharply in almost all other large metro areas for which BLS issued reports. One reason is housing prices, the largest component of the basket, grew more rapidly in more sprawled metros between 2020 and 2021, as demand for more space took hold during the pandemic. For the most recent year, price increases in other large metro areas ranged from 7.3 percent in Boston to as high as 10.2 percent in Tampa in March 2022—compared to 6.1 percent in the NYC metro area. FIGURE 3: Annual Percent Changes in CPI, Select Metropolitan Areas and Nation, March 2019 to March 2022 Sources: U.S. Bureau of Labor Statistics, Consumer Price Index; OSC analysis Energy prices were the fastest growing item across all metro areas between March 2021 and March 2022. As shown in Figure 4, prices for food grew faster in the NYC metro area than in many metro areas; on the other hand, prices for housing grew more slowly. Transportation prices rose by double digits across all metro areas for which BLS issued reports; reliance on automobiles, which experienced sharp price increases in new and used markets from supply chain issues, likely fueled this growth. In contrast, there is widespread reliance in the NYC metro area on mass transit systems, which did not experience similar increases and likely moderated the growth in transportation prices relative to other metros. FIGURE 4: Annual Percent Change in Select CPI Categories, March 2022 Sources: U.S. Bureau of Labor Statistics, Consumer Price Index; OSC analysis Earnings Lag Price Growth Rising energy prices accounted for almost 59 percent of the increase in consumer prices in the NYC metro area in March 2022 over the prior year. As shown in Figure 5, NYC metro area price increases in March 2022 were greatest for energy (32.7 percent over March 2021), followed by transportation (14.7 percent), recreation (8.3 percent) and food (8.0 percent). Prices for housing grew more slowly (4.1 percent); nevertheless, the increase was greater than in the year ending in March 2021 (1.0 percent), and growth has picked up in recent months. More importantly, price increases in the last year may be outstripping earnings growth and squeezing household budgets. The most recent data through March 2022 are only available at the state level; while this is an imprecise comparison to the NYC metro area, it provides some insight given the disproportionate concentration of the state labor force in the downstate area. While prices grew 6.1 percent in March 2022 from the same month in the prior year, statewide hourly earnings grew merely 2.3 percent. The disparity suggests consumers may be losing their purchasing power. FIGURE 5: Annual Percent Changes in Major CPI Categories in the NYC Metro Area, March 2021 to March 2022 Note: Prices for recreation grew by 0.1 percent between March 2020 and March 2021. Sources: U.S. Bureau of Labor Statistics, Consumer Price Index; OSC analysis Conclusion Recent acceleration of inflation is attributed to a number of factors, including increased money supply from federal stimulus payments, supply chain disruptions and labor shortages. Consumer spending habits have already shifted in response to growing prices, as fewer households are making large purchases related to vacations, home repairs, home appliances, furniture, and vehicles.6 However, price increases on essential items, such as food and housing, will be difficult to avoid. As consumer expectations adapt to persistent inflation, workers are likely to demand greater wages; this may, in turn, lead to greater price increases. There are some signals inflation, at least on some items such as used cars, may be moderating. As the pandemic has abated, fiscal stimulus has tapered off and local supply chains have restarted. The Federal Reserve Board has also tightened monetary policy and begun raising interest rates. These forces are expected to ease the rise of inflation. However, global supply chain challenges and the effects of geopolitical instability on commodity prices are likely to continue to pressure prices upward. A tight labor market and increases in the cost of transporting items are also likely to remain. Changes to demand based on behavioral responses to a changing public health, economic and geopolitical environment may also have unanticipated effects on future sources of inflationary pressure. Tracking the rise of prices, and the consumer response to these changes, is necessary to understand New York State’s economic outlook and potential effects on its fiscal picture. Endnotes 1 U.S. Bureau of Labor Statistics (BLS), Consumer Price Index (CPI), March 2022, available at https://www.bls.gov/news.release/pdf/cpi.pdf and  https://www.bls.gov/regions/new‑york‑new‑jersey/news‑release/consumerpriceindex_newyorkarea.htm. 2 Annual rate refers to the change in prices in a given month compared to the same month in the prior year. 3 Federal Reserve Bank of New York, Survey of Consumer Expectations, Inflation Expectations, available at https://www.newyorkfed.org/microeconomics/sce#/inflexp‑1. 4 The U.S. BLS reports consumer price increases for the nation (U.S. city average), four regions, and 23 metropolitan areas (Atlanta, Baltimore, Boston, Chicago, Dallas, Denver, Detroit, Houston, Los Angeles, Miami, Minneapolis, New York, Philadelphia, Phoenix, Riverside, San Diego, San Francisco, Seattle, St. Louis, Tampa, Urban Alaska, Urban Hawaii and Washington). Monthly data are provided for the four regions and the Chicago, New York and Los Angeles metropolitan areas; bimonthly data are provided for all other metropolitan areas. 5 Some basket items, including food and energy, can exhibit greater volatility in prices over time. Therefore, some analysts tend to prefer the Core CPI, which excludes these goods. 6 Federal Reserve Bank of New York, Survey of Consumer Expectations Household Spending Survey, January 2022.