Gas, food spur inflation jump in 2007
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Consumer prices rose in 2007 at the fastest pace in 17 years as motorists paid a lot more for gasoline and grocery shoppers paid higher food bills. However, falling prices for clothing and new cars offset some of those gains.
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Consumer prices jumped 3.3 percent last year as the biggest surge in fuel bills in 14 years pushed up inflation at the fastest pace since 2000, the government reported Wednesday.
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U.S. consumer spending rose a sharper-than-expected 0.7 percent in October, but rising food and energy prices ate up much of that gain, a government report showed on Wednesday.
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Led by higher food and energy costs, inflation in Spain accelerated to the fastest rate in more than a decade in December even after economic growth slowed.
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Chinese consumer inflation rose in February on the back of higher food costs, but economists said they did not expect price pressures to get out of hand despite breakneck growth and plentiful cash in the banking system.
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Wholesale inflation rose last month at the fastest pace in more than 14 years, largely because of steep jumps in energy and food costs, the government reported yesterday, raising concerns
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US inflation rose more quickly than expected in May, as higher petrol costs hit consumer prices.
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Rising food costs helped push consumer prices up for a second straight month in January by 0.4 percent, more than offsetting a moderation in energy price rises as inflation showed signs of gaining steam, according to a Labor Department report on Wednesday.
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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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Wholesale inflation rose last month at the fastest pace in more than 14 years, largely because of steep jumps in energy and food costs, the government reported yesterday, raising concerns that businesses may be under growing pressure to raise consumer prices.
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Consumer prices rose faster than most workers' wages last year, as surging energy prices pushed inflation to the highest level in four years, the Labor Department said yesterday.
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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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Consumer prices rose 0.3 percent in December and for all of 2007 they shot up at the fastest rate in seventeen years, largely because of soaring energy costs, the Labor Department reported on Wednesday.
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Consumer prices -- stoked by more expensive gasoline as well as pricier fruits and vegetables -- heated up in October, rising by 0.6 percent, the biggest gain in five months.
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Inflation at the consumer level rose by a larger-than-expected amount in January as falling energy prices only partially offset big increases in the cost of medical care, food and airline tickets.
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Inflation rose to 1.5 percent in November from 1.2 percent in October, driven by increases in transport and energy costs, official figures showed.
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The biggest jump in gasoline prices in six months helped push inflation at the wholesale level higher in May although inflation outside of energy remained well-behaved.