US annual inflation highest since 2007
Washington, January 20: US consumer prices rose 3 percent in 2011, the largest annual increase in four years, the Labor Department said Thursday.
So-called core inflation, which excludes volatile food and energy prices, was 2.2 percent, also the highest since 2007, but only slightly above the range deemed acceptable by the Federal Reserve.
The report showed that the inflation rate in December was down sharply from its June high of 3.9 percent, thanks mainly to an easing of energy prices during the second half of the year.
The data appeared to support the Fed's decision to keep interest rates low.
Even so, last year's increases in food and energy prices hurt consumers in an economy where median hourly pay declined 0.9 percent over the last 12 months.
New applications for unemployment benefits fell 50,000 last week to 352,000, the fewest since April 2008, the Labor Department said Thursday in a separate report.
read more at http://www.pravasitoday.com/us-annual-inflation-highest-since-2007
No comments:
Post a Comment