Congrats Fed! Maybe CPI Will Heal Itself: Inflation @ 9.6% Annualized

Discussion in 'Economics' started by ByLoSellHi, Aug 14, 2008.

  1. 26 year high? Are you F**king kiddin' me?

    That's F**king Algorithmic.

    http://www.bloomberg.com/apps/news?pid=20601087&sid=aGZ5wqFMmUS4&refer=home

    Meat, Dairy Price Gains May Push Food Inflation to 28-Year High

    By Alan Bjerga

    Aug. 20 (Bloomberg) --
    Rising prices for meat, dairy products, cooking oil and fresh produce may accelerate food inflation this year at the fastest pace since 1980, the U.S. Department of Agriculture said.

    Food-price gains may be as much as 6 percent this year, up from last month's top estimate of 5.5 percent, the USDA said in the report to be released Aug. 25. Gains may reach 14 percent for fats and oils, 9 percent for dairy products, 5.5 percent for fish and seafood, 6 percent for fresh fruits and vegetables and 3.5 percent for beef, the USDA said.

    Prices are increasing faster than expected a month ago because of higher energy costs and the effects of higher prices for livestock feed, USDA food economist Ephraim Leibtag said today in an e-mail. The department now estimates prices will rise 5 percent to 6 percent, up from last month's forecast of 4.5 percent to 5.5 percent, he said.

    ``The main story has stayed the same,'' as rising fuel, feed and commodity prices contribute to higher consumer food costs, Leibtag said.

    The Bureau of Labor Statistics, which supplies the historical data that USDA uses in its forecasts, showed in an Aug. 14 report that food costs jumped 0.9 percent in July after a 0.8 percent increase in June. Food prices account for almost one-fifth of the consumer price index.

    The USDA left its estimate for 2009 food inflation unchanged at up to 5 percent.
     
    #61     Aug 20, 2008
  2. it was inflation or the entire S&P. What would you do.

    One battle at a time.
     
    #62     Aug 20, 2008
  3. LOL!!!! Good stuff!
     
    #63     Aug 20, 2008