Inflation Hits Annual Pace Not Seen Since 1991

[Hissyspit]

Source: New York Times

Inflation Hits Annual Pace Not Seen Since 1991

By MICHAEL M. GRYNBAUM
Published: August 14, 2008
Inflation reached a 17-year high last month, fueled by high gasoline and food prices, all but assuring that the Federal Reserve will keep interest rates on hold for the time being.

Consumer prices were 5.6 percent higher last month than they were in July 2007, a brisker pace than economists had expected, the Labor Department said on Thursday.

That was the sharpest annual increase since January 1991, as Americans paid more for clothing, food, transportation and recreational products. On Wall Street, stock index futures fell sharply after the data was released.

The overall Consumer Price Index, considered the benchmark gauge of domestic inflation, rose 0.8 percent in July. Economists had forecast a rise of half that rate. In June, prices rose 1.1 percent, the second highest monthly pace in 26 years. The C.P.I. surveys prices of a basket of common consumer goods, measuring everything from toothpaste and prescription drugs to airline fares and restaurant menus.

Read more: http://www.nytimes.com/2008/08/15/business/economy/15econ.html?_r=1&partner=rssnyt&oref=slogin

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[NJmaverick]

1. Wasn't that when pappa Bush was in charge?

[Virginia Dare]

2. Why yes it was now that you mention it..

I got my first mortgage in 1989, and I very clearly remember that the interest rate was 13%. I guess we know where things are headed now.

[gratuitous]

3. NO!

See, inflation was going up in 1991 because the markets were anticipating the e-e-e-e-evil Bill Clinton being in the White House, so it wasn't Poppy's fault or anything like that. So there.

[Doctor_J]

5. Yes, and it's bad now because of Bill Clinton's recession, and

of course his adultery.

Just ask hate radio

[Doctor_J]

4. The Bush family is to the US what syphillis is to the human body

The part that you won't hear is that Poppy's S&L banditry caused the financial disaster during his term, and the Enron & other similar disasters caused Stupid's meltdown. THESE ARE NOT UNRELATED EVENTS. When a Bush is in charge, the treasury gets cleaned out!

[ryanmuegge]

6. And those are the rigged numbers.

[tom_paine]

7. Exactly. The REAL inflation rate is double that at least.

Just walk on over to your local supermarket to see that.