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December 2, 2008 11:13:24 AM CST

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Consumer Prices Jump Most in 2 Years

Posted Dec 14, 07 9:36 AM CST in Business,  US 

(Newser) – November’s consumer price index spiked 0.8%—the biggest rise since September 2005—as soaring energy costs pushed up prices on an array of  goods and services. The increase, higher than the 0.6% anticipated, reignites inflation worries, causing experts to predict that further Fed rate cuts are unlikely, Bloomberg reports.

The core consumer rate, which excludes the prices of food and energy, was up 0.3% in November, also higher than expected. Rising inflation leaves the Federal Reserve little room to maneuver if the economy, already slowed by the housing slump and credit morass, stalls further.

Source Bloomberg

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Gas prices are advertised at a gas station in San Jose, Calif., Wednesday, Nov. 21, 2007.   (Associated Press)
High gas prices are posted at a Shell gas station in San Mateo, Calif., in this Nov. 14, 2007 file photo. Oil's run to nearly $100 a barrel this year jacked up the cost of travel, clothing, beauty products...   (Associated Press)
Customer Alison Leupold looks unhappy after she pumped $72.83 worth of gas at Menlo Atherton Shell gas station in Menlo Park, Calif.   (Associated Press)
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gas prices • oil price • inflation • core inflation • energy prices • Consumer Price Index


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