Monday, July 21, 2008

Energy Prices Continue to Fuel Inflation

severe oil cost threat to economyThe high price of energy continues to fuel the nation's inflation mark. In June 2008, consumer prices rose 1.1% according to the US Bureau of Labor and Statistics (pdf)

And who's the culprit? Energy.

“Energy prices rocketed upward by 6.6 percent, reflecting big gains for gasoline, home heating oil and natural gas…"

Transport costs, fueled by higher fuel costs, rose a staggering 3.8%.

Source: US Bureau of Labor and Statistics (pdf)

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