Wednesday, March 16, 2011

Wholesale prices rise staggering 1.6 pct.

As long as you don't have to heat your home, eat or go anywhere, everything's hunky dory.
WASHINGTON — Wholesale prices jumped last month by the most in nearly two years due to higher energy costs and the steepest rise in food prices in 36 years. Excluding those volatile categories, inflation was tame.

The Labor Department says the Producer Price Index rose a seasonally adjusted 1.6 percent in February, double the 0.8 percent rise in the previous month. Outside of food and energy costs, the core index ticked up 0.2 percent, less than January’s 0.5 percent rise.

Food prices soared 3.9 percent last month, the biggest gain since November 1974. Most of that increase was due to a sharp rise in vegetable costs, which increased nearly 50 percent. That was the most in almost a year. Meat and dairy products also rose.
And then there's this great piece of news: Housing Starts See Biggest Drop Since 1984

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