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Wholesale Prices Jump in November
Producer prices shot up 1.8% in November, the Labor
Department reported, reflecting prices gains in energy and
other products, which could raise some eyebrows at the
Federal Reserve. The Fed (which decided to hold interest
rates at a record low at its December 16 meeting) has been
able to keep interest rates down in an effort to jumpstart
the economy recovery, but if inflation pressures begin to
mount, the central bank could be forced to start raising
rates sooner than expected. However, many economists believe
the economy remains too weak for price increases to last.
Core inflation, which excludes energy and food, rose 0.5% in
November, the biggest increase in more than a year. Over the
past 12 months, wholesale prices increased 2.4%, the biggest
year-over-year gain since October 2008. Wholesale prices had
been negative when compared with year-ago levels for 11
straight months. Wholesale energy prices jumped 6.9% in
November, the biggest surge since August. Gasoline prices
climbed 14.2%, while the cost of home heating oil jumped
18.3%. Food prices grew 0.5% at the wholesale level,
following a 1.6% increase in October.
Meanwhile, consumer prices grew a tamer 0.4% in November,
following a 0.3% rise in October, the Labor Department
reported. Excluding energy and food prices, core inflation
was flat, suggesting that the sluggish economy is keeping
prices of most goods in check.
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Date Last Updated: 12/21/2009
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