Consumer prices see biggest rise in 17 years
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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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Rising petrol and food costs push the price inflation of goods leaving UK factories to a new 16-year high.
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U.S. producer prices posted their largest gain in more than three decades last month as energy and vehicles prices jumped, while home building rebounded from a six-year low.
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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 effect of high crude oil prices continued to pinch consumers at the pump, with the average cost for gasoline rising 4.9 cents to the highest level in 14 months and diesel fuel soaring 6.3 cents to match the record set two years ago, the government said on Monday.
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U.S. consumer prices rose more than  expected in January despite a dip in energy prices, as medical  costs jumped, according to a Labor Department report on  Wednesday that revived worries of inflation.
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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 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 in October posted their biggest increase in five months, pinching pocketbooks at the gas pump and at the grocery store.
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Surging energy costs drove US consumer prices up by a hefty and larger-than-expected 0.6 percent last month, the biggest jump since May, a government report showed on Wednesday.
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US inflation for all of 2007 hit the highest rate for 17 years, as surging energy and food costs pushed up prices.
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U.S. producer prices recorded their largest gain in more than three decades in November, while the nation's pace of home building also rose for the month in a sign of health for the housing sector.
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Surging food prices boosted China's annual consumer price inflation in May to a 27-month high, extending a rising trend and reinforcing expectations that interest rates will rise further.
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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 at the wholesale level surged by the largest amount in more than three decades in November, reflecting higher prices for gasoline and a host of other items.
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Consumer prices posted their biggest  gain in more than two years in November as energy costs surged  and a host of other prices marched higher, damping prospects of  further interest-rate cuts from the Federal Reserve.
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Higher oil prices pushed up inflation in the UK and sent factory prices in the US to a 15-year high, according to official figures released on both sides of the Atlantic yesterday.