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Title: Obamanomic Recovery Continues: Wholesale prices up 1.6 pct. on steep rise in food
Source:
Yahoo Finance
URL Source: http://finance.yahoo.com/news/Whole ... n-apf-3777454020.html?x=0&.v=1
Published: Mar 16, 2011
Author: ap
Post Date: 2011-03-16 10:37:52 by Happy Quanzaa
Keywords: Obamanomics in Action
Views: 5532
Comments: 6
WASHINGTON (AP) -- Wholesale prices jumped last month by the most in nearly two years due to higher energy costs and the steepest rise in food prices in 36 years. Excluding those volatile categories, inflation was tame. The Labor Department said Wednesday that the Producer Price Index rose a seasonally adjusted 1.6 percent in February -- double the 0.8 percent rise in the previous month. Outside of food and energy costs, the core index ticked up 0.2 percent, less than January's 0.5 percent rise. Food prices soared 3.9 percent last month, the biggest gain since November 1974. Most of that increase was due to a sharp rise in vegetable costs, which increased nearly 50 percent. That was the most in almost a year. Meat and dairy products also rose. Energy prices rose 3.3 percent last month, led by a 3.7 percent increase in gasoline costs. Separately, the Commerce Department said home construction plunged to a seasonally adjusted 479,000 homes last month, down 22.5 percent from the previous month. It was lowest level since April 2009, and the second-lowest on records dating back more than a half-century. The building pace is far below the 1.2 million units a year that economists consider healthy. There was little sign of inflationary pressures outside of food and energy. Core prices have increased 1.8 percent in the past 12 months. Still consumers are paying more for the basic necessities. Gas prices spiked in February and are even higher now. The national average price was $3.56 a gallon Tuesday, up 43 cents, or 13.7 percent, from a month earlier, according to the AAA's Daily Fuel Gauge. Rising demand for oil in fast-growing emerging economies such as China and India has pushed up prices in recent months. Turmoil in Libya, Egypt and other Middle Eastern countries has also sent prices higher. But economists expect the earthquake in Japan to lower oil prices for the next month or two, which should temper increases in wholesale prices in coming months. Japan is a big oil consumer, and its economy will suffer in the aftermath of the quake. But as the country begins to rebuild later this year, the cost of oil and other raw materials, such as steel and cement, could rise. Oil prices fell sharply Tuesday as fears about Japan's nuclear crisis intensified. Oil dropped $4.01, or 4 percent, to settle at $97.18 per barrel on the New York Mercantile Exchange. Food costs, meanwhile, are rising. Bad weather in the past year has damaged crops in Australia, Russia, and South America. Demand for corn for ethanol use has also contributed to the increase. Prices rose 1 percent for apparel, the most in 21 years. Costs also increased for cars, jewelry, and consumer plastics.
Wholesale prices up 1.6 pct. on steep rise in food
Wholesale prices rise 1.6 pct. due to biggest jump in food costs in more than 36 years
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#1. To: Happy Quanzaa (#0)
Don't worry about this, Congress is hard at work trying to defund NPR and affirm that we are a "One Nation Under God", those are the important issues of our day.
Since January 3, 2011, Republicans have controlled the power of the purse.
Our farmer's market will be opening again in April. It was started back in the 70s because both farmers and consumers were getting the short ends of the stick while brokers were making out like bandits, so we cut out the brokers.
You have the courage to tell the masses what no politician told them: you are inferior and all the improvements in your conditions which you simply take for granted you owe to the efforts of men who are better than you. Ludwig von Mises in a letter to Ayn Rand
Do they take Food Stamps? If not, you and the rest of the moocher class are out of luck.
Silly boy. We shop with cash in these parts.
You have the courage to tell the masses what no politician told them: you are inferior and all the improvements in your conditions which you simply take for granted you owe to the efforts of men who are better than you. Ludwig von Mises in a letter to Ayn Rand
You'll have to get your money exchanged for US dollars if you want to shop in California - your local currency won't be accepted here.
You have the courage to tell the masses what no politician told them: you are inferior and all the improvements in your conditions which you simply take for granted you owe to the efforts of men who are better than you. Ludwig von Mises in a letter to Ayn Rand
#2. To: Happy Quanzaa (#0)
Food costs, meanwhile, are rising. Bad weather in the past year has damaged crops in Australia, Russia, and South America. Demand for corn for ethanol use has also contributed to the increase.
#3. To: lucysmom (#2)
Our farmer's market will be opening again in April.
#4. To: Happy Quanzaa (#3)
Do they take Food Stamps? If not, you and the rest of the moocher class are out of luck.
#5. To: lucysmom (#4)
cash in these parts
#6. To: Happy Quanzaa (#5)
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