Specter of inflation, led by gasoline, rising again
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WASHINGTON - Consumer prices in October posted their biggest increase in five months, pinching people&#39;s pocketbooks at the gasoline pump and at the grocery store.
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If you&#39;ve noticed that the price of everything from milk to gasoline to automobiles seems to be going up, you&#39;re as observant as Federal Reserve chairman Alan Greenspan.
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Inflation grew in November at its fastest pace in two years, as sky-high oil prices pushed up the costs of other products, while consumer purchases rose a bigger-than-expected 1.1 percent.
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The higher inflation rate was the result of a surge in oil prices early this year. Oil prices have since leveled off, allowing the inflation rate to return to more modest levels.
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Led by higher gasoline prices, consumer inflation shot up in November by the largest amount in more than two years.
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Gas prices rose again at the pump overnight but consumers might see some relief now that a major Midwestern refinery appears ready to restart this weekend following minor repairs.
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U.S. average retail gasoline prices  rose more than 6 cents a gallon in the last two weeks, but  further increases are likely to be modest in the short term  unless OPEC cuts production again, according to an industry  analyst.
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The average retail price of a gallon of gasoline in the United States cost about 6.5 cents more last week, rising for the first time since early July on the back of higher crude oil prices, an industry analyst said on Sunday.
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Inflation continued to creep up in December, but the rise in prices will likely do little to hold back another interest rate cut.
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The U.S. nationwide price for  gasoline rose closer to $2 a gallon over the last week and  diesel fuel hit a new record high for the second week in a row,  the government said on Monday.
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Consumers paid sharply more for fruits, vegetables and gasoline last month, the government reported yesterday, suggesting that inflation may be stirring again after being dormant for several months.
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The Centre is said to be of the view that with the inflation rate already high, any hike in prices at this juncture could fuel it further.
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With prices heating up to combustion point, you need inflation protection.
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The average U.S. retail price of  gasoline rose more than 5 cents in the past two weeks to more  than $2 a gallon, its highest level since June, a leading  industry analyst said on Sunday.
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Consumer inflation surged by the largest amount in more than two years in November, led by gasoline prices. The cost of clothing, airline tickets and prescription drugs also jumped.
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Average retail gasoline prices rose by nearly 5 cents and are poised to rise further as those who make, distribute and sell gasoline see their profit margins squeezed, according to an industry analyst.
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Inflation picked up to an annual rate of 1.2 percent in October from a six-month low of 1.1 percent recorded in September as petrol prices at the pump rose, official figures showed.