Inflation rate is worst in 17 years

Cybergal · Jan 16, 2008

Inflation rate is worst in 17 years
1/16/08

WASHINGTON - Higher costs for energy and food last year pushed inflation up by the largest amount in 17 years, even though prices generally remained tame outside of those two areas. Meanwhile, industrial output was flat in December, more evidence of a significant slowdown in the economy.

Consumer prices rose by 4.1 percent for all of 2007, up sharply from a 2.5 percent increase in 2006, the Labor Department said Wednesday. Consumers felt the pain when they filled up their gas tanks or shopped for groceries. Prices for both energy and food shot up by the largest amount since 1990.
In a second report, the Federal Reserve said that output at the nation's factories, mines and utilities showed no growth in December, adding to a string of weak economic reports showing that the economy was slowing at the end of last year.
That weakness has shown up in the biggest one-month jump in unemployment since the 2001 terrorist attacks and billions of dollars in losses at many of the country's biggest financial institutions. Citigroup Inc. reported Tuesday it had suffered a $10 billion loss for the last three months of 2007, reflecting bad bets on investments backed by subprime mortgages.
The Dow Jones industrial average plunged by 277 points on Tuesday and fell even further on Wednesday as Intel reported weak earnings for the fourth quarter. The Dow was down by 26 points in late morning trading.
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http://news.yahoo.com/s/ap/20080116/ap_on_bi_go_ec_fi/economy;_ylt=Aqvdwg1XQL8SoyOwXIntIlWs0NUE

hrdman2luv · Jan 16, 2008

I thought people had forgotten about "inflation" and had spun it off as a liberal talking point.

I have been so used to paying for my gas with a visa check card, that it didn't hit me until the other day when I went to put a little gas in my pick up. I gave the guy $15 and could only get 3 gallons. I tapped on my fuel guage a few times. But that didn't help.

Good posts Cybergal.

Mastertech · Jan 16, 2008

hrdman2luv said: ↑

I thought people had forgotten about "inflation" and had spun it off as a liberal talking point.

I have been so used to paying for my gas with a visa check card, that it didn't hit me until the other day when I went to put a little gas in my pick up. I gave the guy $15 and could only get 3 gallons. I tapped on my fuel guage a few times. But that didn't help.

Good posts Cybergal.
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Where do you live that gas is 5 dollars a gallon....

Cybergal · Jan 16, 2008

hrdman2luv said: ↑

Good posts Cybergal.
Click to expand...

WOW! Thanks...you almost made me faint!

Lucky142 · Sep 4, 2008

Inflation and deflation is occurring at the same time. Inflation of the cost of living and deflation of everyones hard earned income.

The bad thing about it is it will not get any better for a long time; especially with a Congress that deals with special interests rather than protecting our country.

Thanks Cyber Gal. Right on!

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