WASHINGTON (MarketWatch) — The cost of living in February rose by the fastest amount in 10 months as Americans paid sharply higher prices for gasoline, according to the latest government data.
The consumer price index jumped 0.4% last month on a seasonally adjusted basis, the Labor Department said Friday. That was slightly below the 0.5% increase forecast by a MarketWatch survey of economists.
The higher cost of consumption last month easily outstripped a 0.1% gain in hourly pay for U.S. workers. As a result, inflation-adjusted earnings fell 0.3% in February to mark the second straight decline.
The increase stemmed mostly from 6.0% spike in the price of gasoline — the biggest jump since December 2010. That accounted for about four-fifths of the increase in the overall CPI.
Friday, March 16, 2012
You can't continue to print money willy nilly forever without some serious consequences.
Posted by traderrob at 5:58 AM