Nofsdad
Joined: 06 Jul 2003
Posts: 7085
Location: Central CA
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Posted: Fri Jun 13, 2008 1:37 pm Post subject: Inflation jumps by biggest amount in 6 months
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WASHINGTON - Inflation shot up in May at the fastest pace in six months, pushed higher by soaring costs for gasoline and other types of energy.
The Labor Department reported Friday that consumer prices rose by 0.6 percent last month, the biggest one-month increase since last November, as gasoline costs surged by 5.7 percent. Food prices, which have also been rising sharply, were up 0.3 percent as the cost of beef and bakery products showed big gains. |
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| Core inflation, however, which excludes energy and food, edged up a more moderate 0.2 percent in May. That increase was right in line with expectations and should help relieve worries that the big increases in food and energy could be breaking through to more widespread inflation. |
Yeah, right, let's exclude food and energy. Just like the politicians used to exclude housing from CLI releases when home prices were spiraling upward.
How about we just INCLUDE every basic necessity of life a person is required to pay for in order to stay alive and able to function and stop playing with the damned numbers to make a bunch of worthless politicians look good?
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So far this year, consumer prices are rising at an annual rate of 4 percent, compared with a 4.1 percent increase for all of 2007.
Energy prices are rising at a 16.5 percent annual rate, compared with a gain of 17.4 percent for all of 2007, while food prices are rising at a 6.3 percent annual rate, up from a 4.9 percent increase for all of last year. |
So what do the corporate defenders and shareholder advocates think about that other than that when it comes to the top 5% getting more of the pie than ever, the ends always justify the consequences to the other 95%?
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| The combination of rising inflation and weak wage gains contributed to another drop in weekly earnings. After adjusting for inflation, weekly earnings for nonsupervisory workers were down 1.2 percent in May, compared to a year ago, the Labor Department said in a separate report. |
Well, come on. Tell us once again how much better off everyone is as a result of the economic policies in force over the past eight years? We've heard how some of YOU are better off. How about everyone else?
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| Energy prices were up 4.4 percent in May after being unchanged in April. The increase was led by a 5.7 percent jump in gasoline, the biggest one-month increase since last November, and gains of 0.9 percent for electricity, 10.4 percent for home heating oil and 5.6 percent for natural gas. |
My little CLI raise for the year didn't even cover the rise in the cost of living for the first half of it. I can imagine how it is for people who didn't even get a raise at all. And yet we still have people come among us and try to justify this crap because THEY think THEY'RE better off.
Full story here:
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