Friday, March 25, 2011

Cost of Living in U.S. Reaches New Record High

Another dubious Obama milestone.
The cost of living in the United States is as high as ever, even worse than before the financial meltdown during the past few years. A Labor Department index measuring the actual cost of living, known as the chained consumer price index, hit 127.4 in February, beating a previous record high 126.9 in July 2008, just as the housing crisis began to tighten its grip, CNBC reports.

That's bad news for most Americans, especially considering the record comes at a time of weak economic activity and high unemployment rates.

"The Federal Reserve continues to focus on the rate of change in inflation," says Peter Bookvar, equity strategist at Miller Tabak, according to CNBC.

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