ipollux
17th July 2008, 05:35
The horrors of capitalism continue to flourish in America. It's unfortunate more people don't realize there is more logical way of doing things that will prevent such suffering. Alas, greed trumps all.
Prices for a quart of milk, a plane ticket and a host of other products rose in June at nearly the fastest pace in a generation -- yet another economic shock wave that alarmed analysts and took a bite out of the buying power of Americans.
Consumer prices rose 1.1 percent in June from the month before, far faster than the expected rate of 0.7 percent and almost double the reading from May, the Labor Department said Wednesday.
The only time in the past quarter-century that monthly inflation has been that high was in September 2005, when prices jumped 1.3 percent, mostly because Hurricane Katrina shut down oil refineries and energy prices spiked.
Consumer prices are up 5 percent over the last 12 months, the fastest one-year change since 1991.
As prices rose last month, take-home pay took a hit. Adjusting for inflation, weekly wages fell 0.9 percent in June, the third straight monthly decline and the biggest drop in almost four years.
--AP News
Prices for a quart of milk, a plane ticket and a host of other products rose in June at nearly the fastest pace in a generation -- yet another economic shock wave that alarmed analysts and took a bite out of the buying power of Americans.
Consumer prices rose 1.1 percent in June from the month before, far faster than the expected rate of 0.7 percent and almost double the reading from May, the Labor Department said Wednesday.
The only time in the past quarter-century that monthly inflation has been that high was in September 2005, when prices jumped 1.3 percent, mostly because Hurricane Katrina shut down oil refineries and energy prices spiked.
Consumer prices are up 5 percent over the last 12 months, the fastest one-year change since 1991.
As prices rose last month, take-home pay took a hit. Adjusting for inflation, weekly wages fell 0.9 percent in June, the third straight monthly decline and the biggest drop in almost four years.
--AP News