Consumer Prices Up; Food, Energy Skyrocket

Energy Costs Shoot Up 17 Percent Since Last Year, Bread And Milk Prices Soar

(AP)  Consumer prices pushed higher last month as increases in energy, food and airline tickets overwhelmed the biggest drop in clothing prices in nearly a decade.

The Labor Department reported Wednesday that consumer prices rose 0.3 percent in March after being unchanged in February.

Core inflation, which excludes food and energy, posted a 0.2 percent rise last month. Both the overall increase and the rise in core prices were in line with analysts' expectations.

Over the past 12 months, inflation is up by 4 percent, reflecting relentless gains in energy costs, which are up 17 percent over that period, and food prices, which are up 4.4 percent.

For individual food items, the gains are even more stark, with the price of bread up 14.7 percent over the past year and milk prices up 13.3 percent over the same period.

In other economic news, construction of new homes and apartments plunged in March to the lowest level in 17 years while industrial production posted a small rebound.

Housing construction dropped by 11.9 percent to a seasonally adjusted annual rate of 947,000 units, the Commerce Department reported, a much bigger decline than economists had been forecasting. Building permits also fell in March, signaling more problems ahead for the beleaguered housing industry.

The Federal Reserve said that industrial output rose by 0.3 percent in March, better than the 0.1 percent decline that analysts had expected. Industrial production had fallen a sharp 0.7 percent in February.

The March gain was led by a 1.9 percent surge in output at the nation's utilities and a 0.9 percent rise in mining production. Manufacturing output remained under stress, managing a tiny 0.1 percent rise after a 0.5 percent drop in February.

The continued price increases in basic items such as gasoline and food have left Americans feeling squeezed, especially at a time when the weak economy is causing rising job layoffs and an unemployment rate that jumped to 5.1 percent in March.

While many economists believe the country has dropped into a recession, the first since 2001, President Bush insists the economy will rebound this summer as 130 million households start spending their economic stimulus checks.

The Federal Reserve has been aggressively cutting interest rates and also shoveling billions of dollars into the banking system in an effort to combat a severe credit crisis. Many economists believe the Fed will cut rates again when policymakers meet at the end of this month.

A separate report showed that higher prices and rising unemployment resulted in falling wages in March. After adjusting for inflation, average weekly earnings for nonsupervisory employees dropped 1 percent last month, compared to the same period a year ago. It was the sixth straight month that inflation-adjusted wages were down.

Democrats, who contend that Americans are getting squeezed between rising energy and food costs and falling home prices and stagnant wages, are pointing to the various economic problems as a reason to elect a Democratic president in November. Mr. Bush's approval ratings on his handling of the economy have fallen to a record low for his presidency.

The Consumer Price Index report showed that energy costs jumped 1.9 percent in March, with gasoline prices up 1.3 percent and natural gas prices soaring by an even larger 4.6 percent.

Analysts believe that energy prices will keep rising in the months ahead, reflecting the jump in crude oil costs, which have hit record levels above $114 per barrel.

Food costs rose by 0.2 percent in March, with beef prices up 0.6 percent and vegetable costs up 2 percent.

Airline tickets, reflecting the surge in fuel costs, shot up by 3 percent last month, the biggest jump in six years, while clothing costs fell by 1.3 percent, the biggest one-month drop since September 1998.

[Gary Kempf]

Hear that? That sound you don''t hear is the sound of nothing being done by the FED.....

[dredre2k]

Has the gov''t actually told anyone how our Gov''t is paying for the economic stimulus checks? We''re borrowing more money against our debt just to dole out checks? The stimulus checks are a joke! Bush trainwrecks the country, gets us to a war for oil and allows gas companies to charge americans through the roof for gasoline & natural gas, and he gives everyone 600 dollars for their trouble!

I will be spending my economic stimulus check on paying down my credit card... this will hurt the economy since our economy thrives on the creation of more debt.

[Gary Kempf]

dredre2k at 11:44 AM : Apr 16, 2008

As I understand it, The $600.00 is coming from your 09 taxes.

[forthepeopl1]

this is more important to debate, than this s/h/i/t/


if it aint MR. POTATOHEAD, LOOKS PRITTY SCARED DOENT HE. ITS FUNNY TO HAVE THIS INSIDER OF WALLSTREET HAVE SO MUCH POWER..


LISTEN IF THEY ( CONGRESS) WOULD DO THERE JOBS WE WOULDN''''''''''''''''T BE IN THIS MESS.

ANYONE THAT TOOK OUT LOANS FROM 2000 TO 2007
REGARDLESS OF WHAT THERE CREDIT LOOKS LIKE RIGHT NOW, BECAUSE OF THIS MESS MOST HAVE LOST THEIR GOOD RATING.


THEY NEED TO COME OUT AND TELL ALL MORTGAGE COMPANYS

TO RE-FI EVERYONE NOW. NO EXCEPTION IF THEY HAVE A
MORTGAGE THAN TAKE 60% OFF THE BALLANCE AND RE-FI THEM AT 1 PERCENT OVER PRIME AND STOP ALL THE BLEEDING FOR ONCE..THAT IS ALL THAT HAS TO BE DONE, SIMPLE,FAST,AND IT WOULD STOP ALL FORCLOSEINGS,BURNINGS OF HOMES,AND STOP 10''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''S OF MILLIONS FROM BEING ON THE STREET..

THIS IS MORE INPORTANT, THAN THIS ***.

OR HOW ABOUT REPORTING THAT WE THE PEOPLE WANT TO KNOW THIS FROM CLINTON AND MCCAIN. WHAT DO YOU WANT TO SAY TO THE 374,298 AMERICANS DEAD,HURT,MAIMED IN THIS WAR YOU SUPPOTED FROM THE START..HOW ABOUT ASKING THEM THIS


TIME TO MARCH DOWN AND TAKE THEM OUT..

[parrot123-2009]

Wonder where all the Repugs went ..... Scared to post here, especially with the realities felt on this article ? Cheers!

[lovegetpeace]

Folks,
At Bush''s press conferences this week, please do not ask Bush, especially if you are a reporter, whether if we have high inflation today, his quick reply will be "I never heard that before" and it will be just too embarrassing for our nation.

[lovegetpeace]

Folks,
This is just unbelievable, I see in my cystal ball a Super-Super Majority in Congress coming 1-Jan-2009. Good-bye Filibuster and Veto Powers.

[marcpcbs]

When the greedy oil people double their prices it also runs up the cost of everything. This isn''t a recession, it''s an effect caused by greed.

[lochlan-2009]

"Consumer Prices Up; Food, Energy Skyrocket"

I think NOW we can say it.

MISSION ACCOMPLISHED!!!!

[ov442]

Posted by mocaIeo -- you gotta be one of the most rediculous posters i have ever seen in my life.
There is not one expert in existence that has any common sense that would blame even a smidgeon of this economic policy disaster on the Dems in congress vs these Republican morons that have spent the last decade and a half puttin policy in place that has decimated our economy and All of Bush''s policies forced through congress that have handed out casht to the rich and hammered the poor.

[naucoming4u]

Posted by mocaIeo at 12:53 PM : Apr 16, 2008
...............

I''d bet you mindless neo-con sheep must really get pissed off when you watch your favorite red-necks in NASCAR always turning...

...LEFT!

[mediapreachr]

Not to worry,as long as the stock market is going up,everything is peachy.
I guess the welfare of 80 to a 100 thousand people is more important than a few other million citizens.
In absurd reality country(where up is down)-that will make sense.

[ora734]

There is 1 way to stop the speculation on oil:

Any group or fund that purchases oil futures should have to take possession of the product they are speculating on...


Watch oil drop like a rock..

Oil was not on the futures market pre 1975. My dad in his time saw a gallon of gas go from .05 to .19 over a 40 year period. Can we say the same thing?
Make them take possession of the oil if they want to speculate..........

That is somethijng that can be done now, but you won''t see Bush admin. pushing this to much pip-pro-quo.

[ontheleft]

So inflation last month was only an annualized 3.6%? Ha! The government is lying to us. I have no doubt whatsoever the figures have been fudged by people over at the BLS. There''s tremendous pressure on the bureaucrats to make these figures as low as possible since social security benefits and a host of other government payouts are based on these "official" figures.

They also had the gall to say there was no consumer inflation in February? My as*!! There needs to be an investigation of the BLS.

[element51]

No one in their right mind wants to watch our economy continue to free fall. The question is, what can we do? It''s like watching a train wreck. You want to stop it but all you can do is stand with your mouth open and watch it happen. Will it help to make a change in government? Maybe at one time it would have but I fear it is to late now. Most of us out here have a finate amount of money to spend and it seems like every week it takes more and more just to keep even. We have cut back as far as we can. We no longer have ANY disposable income to spend. As this crisis continues we find ourselves falling further and further behind. I am 63 years old and this is the first time in my life that I truly feel afraid. We need help, we need some answers and there is no where to turn. I am tired of everyone pointing fingers and saying it''s the other guys fault. It no longer matters whose fault is is, it''s time to start looking for some answers and who cares which party provides them. Instead of constant character assassination from the candidates let''s hear some possible solutions.

[parrot123-2009]

Most of us out here have a finate amount of money to spend and it seems like every week it takes more and more just to keep even. We have cut back as far as we can. We no longer have ANY disposable income to spend. As this crisis continues we find ourselves falling further and further behind. I am 63 years old and this is the first time in my life that I truly feel afraid. We need help, we need some answers and there is no where to turn. I am tired of everyone pointing fingers and saying it''''s the other guys fault. It no longer matters whose fault is is, it''''s time to start looking for some answers and who cares which party provides them. Instead of constant character assassination from the candidates let''''s hear some possible solutions.
Posted by Element51 at 01:42 PM : Apr 16, 2008

Most Repugs on these boards would label you a ''LIB'' and insinuate that you''re LAZY when they''re actually going through much worse and still woting Repug. Go Party !

[Gary Kempf]

Element51

I agree, I To wish Somebody would give some answers.

[ora734]

Element, 1 way to start is make the 1''s speculating in oil and ethanol (TAKE POSSESSION) and this is 1 sure way right now that will put an end to this maddness.
But i like you fear it''s too late the president and congress could move towards regulating the speculation with this rule change in futures trading, but they won''t....

[element51]

I grew up poor. We didn''t have much in the way of material things but I had good parents who did the best they could. Now I am glad that I grew up that way. My mother know how to make a little go a long way and she taught us kids well. Now that I am an old man it is becoming necessary to bring back some of the things I learned as a kid. There was a sort of self sufficiency in those days that somehow got lost along the way and now we are all going to have to re-learn how to take care of ourselves. Government has been purchased lock, stock and barrell by the wealthy elete and for them all is never enough. So, get out your Grandmas old cookbook and at least you will be able to eat. Happy days are here again!

[bgwinnett]

Don''t worry guys, the Dow''s rallying, Again!!! I''m sure that all those extremely smart and far sighted folks on Wall St have called the bottom of the market and that we will all be Ok, Again!!!

[ora734]

1 rule change and a sure way to stop the speculation; (YOU HAVE TO TAKE POSSESSION OF THE COMMODITY YOU ARE SPECULATING ON) they can change this in a matter of a month or 2.


BUT THEY WON''T!

[dredre2k]

dredre2k at 11:44 AM : Apr 16, 2008
As I understand it, The $600.00 is coming from your 09 taxes. -- navpro

That would be terrible, but I wouldn''t be surprised. I was/am under the impression that rebate checks will be financed by the Gov''t by taking another LARGE loan from the fed, which we the PEOPLE will have to pay back in taxes anyways...

It''s funny that Bush and CO thinking/hoping that the economy will be saved by everyone running to spend their rebate checks on new Plasma TV''s. I think most people will use their checks to buy: Gasoline, Pay Bills, Buy Food.

There will be a few that will blow the checks, but the cumulative effect will be like throwing a bucket of water on a burning house! ;-X

[dredre2k]

Why is it legal that speculators can drive up the price of Oil (something that''s critical to the lifeblood of this economy)? The gov''t needs to step in and stop the speculators from manipulating oil prices. It''s breaking the economy.

Enron traders did the same thing with the price of power in California. Enron analyists raised the prices of power in california by engineering brownouts and exporting surplus power out of the states. THis drove the price of power in california through the roof! Although, this time the fraud is much more coordinated and legalized between oil companies and speculators... They''re both making money!

Our oil resources should be nationalized until this country moves to hydrogen and electric cars.

[leftyintexas]

Yet another part of DOOFUS''S legacy. Food prices and energy prices skyrocket, and house values plummet. This man is a ONE man wrecking crew!

[slim1h2o]

Posted by dredre2k at 02:59 PM : Apr 16, 2008

You are absolutely right on the mark,,on both posts.

I just got a $20.000.00 hospital bill in the mail a couple of days ago,,where do you think my puny $300.00 or $600.00 is going?

I wonder if thats going to have the beneficial effect on the economy that Bushit is talking about?

[lfitts1]

Remember it''''s Congress that makes law,
and hands out pork and welfare programs, not the President.
He has to work with what''''s handed to him.

.

Remember the election in 2006?
Thought you might like to read the following:

A little over one year ago, under a Republican Congress:

1) Consumer confidence stood at a 2 1/2 year high;
2) Regular gasoline sold for $2.19 a gallon;
3) The unemployment rate was 4.5%.

SINCE voting in a Democrat Congress in 2006, we have seen:

1) Consumer confidence plummet;
2) The cost of regular gasoline UP to $3.50 a gallon;
3) Unemployment is UP to 5.1% (& higher every day now);
4) American households have seen $2.3 trillion in equity
value evaporate (stock and mutual fund losses);
5) Americans have seen their home equity drop by $1.2 trillion;
6) 1% of American homes are in foreclosure.

America already ''''voted for change'''' in 2006, and Boy-o-boy,
we got it!

.

Posted by mocaIeo

How amazingly stupid are you or do you think we are--the administration has messed up everything it has touched. It turned a surplus into record deficits. It brought back voodoo economics with predictable effects and got us into a morass in Iraq that we cannot readily extricate ourselves--but sure it the democrats fault--go back to sleep

[mediapreachr]

''Our oil resources should be nationalized until this country moves to hydrogen and electric cars.

Posted by dredre2k at 03:07 PM : Apr 16, 2008''
All the natural resources-including coal,oil,natural gas are the property of the state;they are used to generate revenue and better the life of the citizens.
The anomaly that exists in USA today will be corrected
soon that''s why we got this "feeding frenzy".

[underdogus]

don''t hold on to your stocks,hold on to your socks!!

[underdogus]

OIL breaks 114$ a barrel NEW RECORD! the path to 115$ is cleared..fasten your seat belts...and wacth your head...........

[underdogus]

WATCH your head..............

[dredre2k]

You are absolutely right on the mark,,on both posts.

I just got a $20.000.00 hospital bill in the mail a couple of days ago,,where do you think my puny $300.00 or $600.00 is going?

I wonder if thats going to have the beneficial effect on the economy that Bushit is talking about? ---slim1h20

Thanks for your post! Sorry to hear about the hospital bill. Will definitely be praying for your recovery and for a way to get that bill paid!

You shouldn''t have to pay for your health like you''re making a car payment. I''d rather see my tax dollars go to help you and others with medical needs rather than Iraq.

Regarding the economy, if they want to see a stimlulus for the economy, the gov''t should pass laws to end the rampant market speculation of gas and lower prices back to resonable levels! That will keep money in people''s pockets and help the economy. High gas prices have really cut into money that I normally put away.

I am wrenching at the thought of what gas prices will do during the summer and when hurricanes strike. 5 and 6 dollar gas is on the way if this doesn''t stop. Then people making below 50 k will really be in a squeeze :-X.

Either way, i can''t wait until the bush presidency is OVER! :-)

[slim1h2o]

Posted by dredre2k at 03:59 PM : Apr 16, 2008

Thank You,,,and ,,again,,, I agree with the rest of your post.

I can''t wait either, for Bushit,exits,,and Jailed for what he has done to this country.

[timetrips1]

In hindsight the "tax and spend" democrats would have been a much better alternative to the "reduce taxes and spend even more (so we bankrupt our children through our great-great-great-great..... children). At least the Dems were honest. The Repubs did nothing but lie to us for the last 8 years. They had complete control of all three branches of government and all they did was make the rich richer with government hand outs, then lower their taxes on those handouts and finally blow the deficit from 2 trillion to 9 trillion.

[underdogus]

NEW RECORD 114.94$ a barrel of oil...HOLY MOUNT ZION!!

[prairiefox1]

THE MONEY PIGS ARE IN A FEEDING FRENZY AND THEY WONT STOP UNTIL THERE IS NOTHING MORE TO STEAL!
OR IF THEY RECEIVE ONE BULLET EACH!

[prairiefox1]

OUR GOVERNMENT HAS LET US DOWN TIME AND TIME AGAIN!
IT IS EVIDENT THAT THE PRESENT FORM OF GOVERNMENT IS NO LONGER BY THE PEOPLE, OF THE PEOPLE AND FOR THE PEOPLE!

[donevis-2009]

But we freed Iraq,Come on people all you that voted for bubba twice your kids can afford this ..Unless you want to admit you were...........Wrrrroooooooongg.Like that gonna happen

Posted by labombaOH at 03:39 PM : Apr 16, 2008

Watch "Hacking Democracy". Then you can draw an opinion as to what happened to the elections. Once you watch this you won''t be able to point fingers at the voters. Only the ones who rig the machines.

[noloyalisti]

We were going to pay for this foolish, un-necessary, invasion and occupation so we might as well get used to it.

How are those conservative privatization, globalization schemes working for you Republicans. Aren''t we proud of our party now!!!!

[downsteamjim]

There should be celebrations. After all we are converting food production to biofuels therefore less food so prices rise. We don''t drill Anwar, offshore, etc. less supplies prices rise. Apprarently economics is no longer taught nor is cause and effect.

[shanev137]

President Bush insists the economy will rebound this summer as 130 million households start spending their economic stimulus checks.


-------


hahahahaha......all that money will go to big oil, super Wal-marts, or to credit card companies for money already spent.

Bush is an idiot, and so is anyone who voted for him.

[bgwinnett]

I haven''t seen CNBC''s propaganda on this yet, they seem to be cheering the latest bear rally instead.

[vastr-wcon]

.
Wall Street has Bailout Bernanke to help sustain their Recession Rally.

And then the Republocrats in Congress help sweeten Bernanke''s corporate give-aways with even more gifts to those that caused this financial catastrophe.

Meanwhile, Main Street burns with nobody providing so much as a drop of water.

Has Herbert Hoover come back from the grave?

/

[forthepeopl1]

this is more important to debate, than this s/h/i/t/


if it aint MR. POTATOHEAD, LOOKS PRITTY SCARED DOENT HE. ITS FUNNY TO HAVE THIS INSIDER OF WALLSTREET HAVE SO MUCH POWER..


LISTEN IF THEY ( CONGRESS) WOULD DO THERE JOBS WE WOULDN''''''''''''''''T BE IN THIS MESS.

ANYONE THAT TOOK OUT LOANS FROM 2000 TO 2007
REGARDLESS OF WHAT THERE CREDIT LOOKS LIKE RIGHT NOW, BECAUSE OF THIS MESS MOST HAVE LOST THEIR GOOD RATING.


THEY NEED TO COME OUT AND TELL ALL MORTGAGE COMPANYS

TO RE-FI EVERYONE NOW. NO EXCEPTION IF THEY HAVE A
MORTGAGE THAN TAKE 60% OFF THE BALLANCE AND RE-FI THEM AT 1 PERCENT OVER PRIME AND STOP ALL THE BLEEDING FOR ONCE..THAT IS ALL THAT HAS TO BE DONE, SIMPLE,FAST,AND IT WOULD STOP ALL FORCLOSEINGS,BURNINGS OF HOMES,AND STOP 10''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''S OF MILLIONS FROM BEING ON THE STREET..

THIS IS MORE INPORTANT, THAN THIS ***.

OR HOW ABOUT REPORTING THAT WE THE PEOPLE WANT TO KNOW THIS FROM CLINTON AND MCCAIN. WHAT DO YOU WANT TO SAY TO THE 374,298 AMERICANS DEAD,HURT,MAIMED IN THIS WAR YOU SUPPOTED FROM THE START..HOW ABOUT ASKING THEM THIS


TIME TO MARCH DOWN AND TAKE THEM OUT..

ALL THEY CARE ABOUT IS THE ONE WORLD ORDER THEY BELONG TO. NOT AMERICANS

[element51]

dredre2K & timetrips1 and the rest of you.....Please go out and get a copy of a book called "FREE LUNCH" by David Cay Johnston. I just finished it and although I am still angry I learned how a lot of this ***** has been allowed to happen. I read a lot of political books but this one in exceptional. It is currently available at any book store or the public library. After reading this I now understand that we are in more trouble than most of us realize.

[liberalme]

continue to urge everyone to use Viesel Fuel instead of diesel. I pay $2.60 per gallon instead of $4.20 for diesel and it works better than diesel. Found out about it at www.VieselFuel.com. It''''s a Stuart, Florida company. They are even building a refinery to recycle used fryer (fast food, restaurant,etc.) oil into Viesel. The owner is an ex fighter pilot who says he is kickin terrorist oil with Viesel. A friend of mine is going to use Viesel to run his furnaces at a ceramic tile plant so it is not just for over the road vehicles. We could tell the oil companies where to put their high fuel prices if more people used Viesel.

Posted by Samnews

I live in that area--where is it sold?

[liberalme]

Maybe we should take a page out of the Hinrich Himmler play book and start digging a few ditches to put our reps. in.I can''''t believe it''''s come to this.

Posted by labombaOH at 03:42 PM : Apr 16, 2008

They don''t know we''re here--we haven''t made enough noise!

[mcv57]

Good-bye Stagflation, Hello Hyper-inflation. Come-on folks, get with the savings it should all be over soon-The Greater Depression around the corner.

[tryhonesty]

RepubliCONs business as usual. McSAME, Greedy OLD Party, Shrub and Diccckkky took all of my money and spent it in Iraq.

[cattlekate]

McVet - I do believe it is almost the debt spiral and hyperinflation.

The numbers we are getting about inflation are false. My grocery & energy bills have doubled in the last few months.

"Inflation" is more like 25 to 100 percent on our day-to-day items.

Is the Amero next? Is that the plan?

It makes sense to devalue the USD to such and extent our debt, in USD, to China, is almost worthless.

But we are suffering.

Especially those of us in retirement, and watching our cds & dividends return next to nothing.

At least this clears up the concept of privatizing SSI and hoping 401Ks sustain us in retirement years.

Frontier stock is almost zero. Bear Stearns tanked. It''s like Montana Power stock all over again.

[singingrick]

It''s like an idiot tax imposed on the entire nation by the idiots who voted for Bush and his rubber-stampers.