H
Harry Hope
Guest
The economy is being buffeted by a steep downturn in housing,
turbulence in financial markets and falling consumer confidence,
raising fears that the country could dip into a recession in coming
months.
..............................................................................................
For October, energy prices shot up by 1.4 percent, the biggest jump
since a 5.4 percent rise in May.
Consumers got a break in the summer with three straight monthly
declines in energy costs.
However, analysts said that further price increases are likely in
coming months, reflecting the fact that crude oil prices last week
surged to record levels, trading at one point above $98 per barrel.
Gasoline prices were up 1.4 percent in October, the largest jump since
a 10.5 percent rise in May.
A gallon of unleaded gasoline hit a nationwide average of $3.11 on
Wednesday, according to AAA and Oil Price Information Service.
That was up from $2.78 a month ago and compared to an all-time record
of $3.23 per gallon set in May.
So far this year, energy prices are rising at an annual rate of 12.3
percent, compared to a 2.9 percent increase for all of 2006.
Food costs rose by 0.3 percent in October and are up 5.5 percent at an
annual rate so far this year, more than double the 2.1 percent rise
for all of 2006.
From The Associated Press, 11/15/07:
http://www.msnbc.msn.com/id/21816416/
Energy costs push consumer prices higher
October increase was largest in 5 months
WASHINGTON -
Consumer inflation posted another elevated reading in October as
energy prices shot up by the fastest pace in five months.
The Labor Department reported Thursday that its Consumer Price Index
rose by 0.3 percent last month, the second straight month with
inflation at that level.
The acceleration was occurring because of another jump in energy
prices and continued increases in food costs.
Meanwhile, the government said that the number of laid off workers
filing claims for unemployment benefits rose by 20,000 last week to
339,000, the highest level in four weeks.
_______________________________________________________
Harry
turbulence in financial markets and falling consumer confidence,
raising fears that the country could dip into a recession in coming
months.
..............................................................................................
For October, energy prices shot up by 1.4 percent, the biggest jump
since a 5.4 percent rise in May.
Consumers got a break in the summer with three straight monthly
declines in energy costs.
However, analysts said that further price increases are likely in
coming months, reflecting the fact that crude oil prices last week
surged to record levels, trading at one point above $98 per barrel.
Gasoline prices were up 1.4 percent in October, the largest jump since
a 10.5 percent rise in May.
A gallon of unleaded gasoline hit a nationwide average of $3.11 on
Wednesday, according to AAA and Oil Price Information Service.
That was up from $2.78 a month ago and compared to an all-time record
of $3.23 per gallon set in May.
So far this year, energy prices are rising at an annual rate of 12.3
percent, compared to a 2.9 percent increase for all of 2006.
Food costs rose by 0.3 percent in October and are up 5.5 percent at an
annual rate so far this year, more than double the 2.1 percent rise
for all of 2006.
From The Associated Press, 11/15/07:
http://www.msnbc.msn.com/id/21816416/
Energy costs push consumer prices higher
October increase was largest in 5 months
WASHINGTON -
Consumer inflation posted another elevated reading in October as
energy prices shot up by the fastest pace in five months.
The Labor Department reported Thursday that its Consumer Price Index
rose by 0.3 percent last month, the second straight month with
inflation at that level.
The acceleration was occurring because of another jump in energy
prices and continued increases in food costs.
Meanwhile, the government said that the number of laid off workers
filing claims for unemployment benefits rose by 20,000 last week to
339,000, the highest level in four weeks.
_______________________________________________________
Harry
