NYC pizza principle in jeopardy
The pain of inflation is now affecting the price of one of New York City's most important food groups, pizza. The decades-long balance between the cost of a regular slice and the cost of a subway ride is in jeopardy.
NEW YORK - The cost of a slice of pizza in New York City is now more expensive than a single subway ride, according to a recent report.
The price of a plain slice of pizza has risen above $3 throughout much of New York City, while the price of a single subway fare remains frozen at just $2.75, according to Bloomberg.
For years, the "pizza principle," a mainstay of New York economics, stated that a slice of cheese pizza would always be the same price as a ride on the subway, but as costs for ingredients and labor continue to increase, the cost of pizza now stands at $3.14 on average, according to Slice, a New York-based online ordering service.
"It seems like they're maybe drifting apart currently, but who knows, maybe when the MTA raises prices again, they'll start matching up again," said Jacob Channel, a Senior Economic Analyst for Lending Tree.
The highest average price can be found in Manhattan, where a regular slice will set you back $3.26 on average. The Bronx follows at $3.15, Staten Island at $3.12, Queens at $3.10 and the "cheapest" slice can be found in Brooklyn, at an average of $3.06.
According to experts, meat and poultry prices are largely expected to continue rising U.S. this year, with most protein prices are forecasted to increase "substantially" due to the higher feed costs, with chicken breast reaching as high as 70% year-over-year in the first half of 2022.
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