Ed Sheeran weaves Persian music into new song, Azizam    Rain expected in Makkah and Jeddah on Saturday    Al-Jadaan: Crown Prince's directives confirm government's ability to bring back balance to real estate market    China retaliates against Trump's trade war with 34% reciprocal tariffs on US goods    Saudi Arabia condemns Israeli escalation, targeting of civilians and Saudi warehouse in Gaza    Danish PM dismisses US desire to annex Greenland 'You cannot annex another country'    Macron lashes out against Trump's 'brutal' tariffs, calls for a pause in investment    Saudi Crown Prince, Iranian president discuss regional developments in Eid phone call    Veteran Bollywood actor Manoj Kumar dies at 87    New Laws of Commercial Registration and Trade Names take effect on Thursday    New fleet of 76 public transport buses starts operation in Jeddah on Tuesday Environmentally friendly electric buses introduced for first time    Foreign investors are allowed to engage in real estate business outside Makkah and Madinah Commercial speculation should not be the purpose of real estate transaction    Aubameyang fires Al Qadsiah into King's Cup final with stoppage-time winner over Al Raed    Cristiano Ronaldo joins Fatal Fury: City of the Wolves    Musk's X is suing India, as Tesla and Starlink plan entry    Tesla sales plunge after backlash against Elon Musk    Swedish table tennis legend Jörgen Persson appointed head coach of Saudi national team    Danilo Pereira fires Al Ittihad into King's Cup final with dramatic stoppage-time double    Screen time in bed linked to insomnia, study finds    Mexico bans junk food in schools to fight childhood obesity epidemic    Sweet sales surge ahead of Eid as Saudi chocolate imports top 123 million kg in 2024    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



U.S. energy prices drop, consumer prices fall
Published in Saudi Press Agency on 16 - 09 - 2008

U.S. consumer prices fell in August for the first time in nearly two years in response to falling energy prices, according to new figures released by the U.S. Labor Department on Tuesday.
The report showed consumer prices down 0.1 percent last month. The drop came after a 1.1 percent price rise in June and a 0.8 percent rise in July.
The decline was in line with predictions, and comes as the cost of energy has fallen across the board. Energy prices dropped 3.1 percent in August, the biggest one-month drop since October 2006. Gasoline prices were down 4.2 percent, natural gas 5.8 percent and home heating oil prices fell 9.6 percent.
The data could give the Federal Reserve the room to consider an interest rate cut as the financial markets struggle.
The 0.1 percent drop in consumer prices in August was the first monthly decline since prices fell by 0.5 percent in October 2006.
Core inflation, which excludes volatile energy and food prices, rose by 0.2 percent, after two months when the figure had risen by 0.3 percent. Both the overall decline and the core inflation rise were in line with economists' expectations.
The data showed that food costs continued to rise in August, up 0.6 percent after a 0.9 percent increase in July. Prices for clothing posted a 0.5 percent gain during the month while the price of airline tickets, reflecting previously monthly gains in jet fuel, showed a 1.6 percent increase.
But while costs rise, salaries are not, accord to the Tuesday figures. Weekly wages of non-supervisory workers dropped by 2.5 percent in August compared to a year ago, the 11th straight month in which wages have been down on a year-over-year basis.
Over the past 12 months, overall inflation is up by 5.4 percent, slightly better than the 5.6 percent rise for the 12 months ending in July. That was the largest year-over-year increase in 17 years.
Core inflation is up 3.4 percent over the past 12 months.


Clic here to read the story from its source.