Fuel pushes up US producer prices
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Wholesale prices in the US surges ahead in May, up 0.9%, adding to concerns over continuing inflation risks
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The price of New York oil rose on Thursday, heading towards a new record high point above 82 dollars amid tight energy supplies in the United States, the world&#39;s biggest consumer of energy.
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US producer prices - a measure of wholesale inflation - rose by a faster than expected 0.5% in November, seasonally adjusted Labor Department figures showed this afternoon.
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U.S. producer prices jumped a bigger-than-expected 2 percent in November, the largest gain in more than three decades, on a spike in energy prices, a government report showed on Tuesday.
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Soaring energy costs and a surge in food prices contributed to a 1.7 percent rise in United States producer prices in October, the Labor Department reported today, the biggest gain in almost 15 years.
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Oil prices push above $70 a barrel amid fears over US-Iran tensions and low US fuel stockpiles.
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Prices paid to US producers rose 1.7 percent last month, the biggest jump in 14 years, as higher energy and food costs suggested that inflation is picking up.
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Gasoline prices have jumped 33 cents a gallon across the United States over the past month and are expected to climb still higher at least through March, according to the AAA automobile club.
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Surging energy prices drove up the key US inflation gauge more than expected in October, providing one more reason why the market should expect another rate hike from the nation&#39;s central bank next month.
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Higher energy costs boosted producer  prices 0.9 percent in May, but excluding volatile food and  energy costs, prices paid at the factory gate were up a more  moderate 0.2 percent, the Labor Department reported on  Thursday.
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LOS ANGELES -- Gasoline prices have climbed nearly 8 cents a gallon in the past two weeks because of record-high crude oil prices, and they are likely to continue rising, an industry analyst said yesterday.
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Oil prices climbed toward $47 a  barrel on Thursday after bullish fuel stocks data in the United  States and a series of production hitches across the globe  rekindled worries of a major supply disruption.
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Retail gasoline prices could go higher as fuel suppliers pass along a surge in the cost of crude oil to drivers, the head of the U.S. Energy Information Administration said Tuesday.
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The US Labor Department said Friday the producer price index rose 0.5 percent in November after jumping 1.7 percent in October. Labor said the slowdown reflected an 0.7 percent drop in gasoline prices after surging 17.3 percent in October.
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Washington: Oil futures prices bolted 5 per cent higher, climbing above $44 a barrel after US government data showed a slight decline in crude and heating oil supplies as colder weather in the Northeast drove up fuel demand.
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The average price of a gallon of  gasoline in the United States rose slightly over the past three  weeks and could push higher because much of a rise in crude oil  has not been passed on to consumers, an industry analyst said  on Sunday.
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US consumers paid more at the pump as the average national price for gasoline rose 0.9 cent per gallon during the past week to $1.