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Inflation pressures ease in April despite biggest jump in food prices in 18 years
Published in Saudi Press Agency on 14 - 05 - 2008


Inflation pressures in the U.S. eased a
bit in April despite the biggest jump in food prices in 18
years, according to AP.
The Labor Department reported Wednesday that consumer
prices edged up 0.2 percent last month, compared to a 0.3
percent rise in March.
The lower inflation reflected a flat reading for energy,
which helped offset a 0.9 percent jump in food costs as
prices climbed for many basic items, from bread and milk to
coffee and fresh fruits.
The unchanged reading for energy reflected a big 4.8
percent jump in natural gas prices, offset by a 2 percent
decline in gasoline costs.
The reported drop in gasoline prices reflected the
government's accounting process, which discounts expected
seasonal price changes.
Since gasoline prices normally rise significantly in
April, the 5.6 percent rise in prices for the month turned
into a 2 percent drop after the government adjusted for
normal seasonal changes. That was little comfort for
motorists now paying record prices at the pump, which are
nearing $4 per gallon.
Core inflation, which excludes food and energy, showed
prices well behaved in April, rising by just 0.1 percent,
compared to a 0.2 percent gain in March.
The 0.2 percent reading for the overall Consumer Price
Index was slightly lower than the 0.3 percent rise that
economists had been expecting and the 0.1 percent rise in
core inflation was below the 0.2 percent reading that had
been expected.
Wall Street pushed higher Wednesday on the surprisingly
good inflation readings, with the Dow Jones industrial
average up more than 120 points in late-morning trading.
Those better-than-expected performances should ease
concerns at the Federal Reserve that the sharp increase in
food and energy prices this year would lead to broader
inflation problems. However, economists cautioned that the
recent surge in oil prices to record levels near $127 per
barrel has yet to be felt at the consumer level.
Ian Shepherdson, chief U.S. economist at High Frequency
Economics, said that the weak economy was starting to show
up in lower prices in some areas. He noted that the price
of hotel rooms dropped for a third straight month, falling
by 1.9 percent in April, a reflection of cutbacks in
business and vacation travel.
The Fed, fighting against a severe credit crunch and
spreading economic weakness, has cut interest rates seven
times since last September in an effort to keep the country
from toppling into a recession.


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