Gasoline prices boost retail sales and inflation
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Retail sales were solid in November as the holiday shopping season got underway, but a good portion of consumer dollars went to higher-priced gasoline, which also pushed wholesale inflation up by the largest amount in 34 years.
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The average retail price of a gallon of gasoline in the United States jumped nearly 13 cents in the last two weeks and could go higher as retailers currently facing losses try to recover their profit margins, according to an industry analyst.
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WASHINGTON -- Wholesale inflation shot up in 2007 by the largest amount in 26 years even though falling gasoline costs allowed price pressures to moderate in December.
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Inflation grew in November at its fastest pace in two years, as sky-high oil prices pushed up the costs of other products, while consumer purchases rose a bigger-than-expected 1.1 percent.
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WASHINGTON -- The likelihood of finding $2-a-gallon gasoline in some parts of the United States is increasing by the day.
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Higher crude prices raise gasoline costs, increasing inflation, and lowering crude prices.
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The average US retail price for regular-grade gasoline rose 4.2 cents the past week to $2.035 a gallon and diesel reached a record as crude oil rallied to an all- time high.
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Rising food costs helped push prices up for a second straight month, more than offsetting a moderation in energy price increases as inflation showed signs of gaining steam.
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U.S. retail gasoline prices rose to  the highest level in more than a month and diesel fuel costs  increased for the first time in three weeks, the Energy  Department said on Tuesday.
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Led by higher gasoline prices, consumer inflation shot up in November by the largest amount in more than two years.
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The average price of a gallon of gasoline has spiked 5 cents over the past two weeksin the United States, a national survey said Sunday.
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Wholesale prices shot up 3.2 percent in November, the biggest jump in 34 years, propelled by gasoline prices. Meanwhile retail sales rose by the largest amount in six months.
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Some 40 percent of Americans would curb their driving habits if retail gasoline prices shot up to $3.50 a gallon, according to a Reuters/Zogby poll released yesterday .
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WASHINGTON -- Consumer prices shot up at the fastest pace in 20 months in May, fueled by a surge in gas prices, although inflation pressures were moderate in most other areas.
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The average retail price of a gallon  of gasoline in the United States cost about 6.5 cents more last  week, rising for the first time since early July on the back of  higher crude oil prices, an industry analyst said on Sunday.
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U.S. retail gasoline prices jumped 5.5 cents over the last week to their highest level in six weeks, the government said on Tuesday.
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Average retail gasoline prices rose by nearly 5 cents and are poised to rise further as those who make, distribute and sell gasoline see their profit margins squeezed, according to an industry analyst.