medbiller777
November 17th, 2007, 02:11 PM
The biggest jump in gasoline prices in five months contributed to another elevated reading on consumer prices in October. With pump prices surging still, inflation is expected to be even worse in November.
The Labor Department reported Thursday that its Consumer Price Index rose by 0.3 percent last month. It was the second straight month at that level after prices had fallen by 0.1 percent in August and risen by 0.1 percent in July.
Economists said consumers should brace for a worse performance in November, given an even bigger increase in gasoline prices so far this month.
Labor Department economist Patrick Jackman said gasoline alone could add four-tenths of a percentage point to overall inflation in November. Surveys pump prices closing in on the record of $3.23 per gallon set last August.
This week, gasoline hit $3.11, according to a survey by AAA and the Oil Price Information Service. A month ago it was $2.78. Last week, crude oil prices briefly traded at an all-time high of $98 per barrel.
http://moneynews.newsmax.com/money/archives/articles/2007/11/15/165738.cfm?s=al&promo_code=3D3E-1
The Labor Department reported Thursday that its Consumer Price Index rose by 0.3 percent last month. It was the second straight month at that level after prices had fallen by 0.1 percent in August and risen by 0.1 percent in July.
Economists said consumers should brace for a worse performance in November, given an even bigger increase in gasoline prices so far this month.
Labor Department economist Patrick Jackman said gasoline alone could add four-tenths of a percentage point to overall inflation in November. Surveys pump prices closing in on the record of $3.23 per gallon set last August.
This week, gasoline hit $3.11, according to a survey by AAA and the Oil Price Information Service. A month ago it was $2.78. Last week, crude oil prices briefly traded at an all-time high of $98 per barrel.
http://moneynews.newsmax.com/money/archives/articles/2007/11/15/165738.cfm?s=al&promo_code=3D3E-1