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WASHINGTON — The government says inflation at the wholesale level soared in January. The costs of food, energy and medicine all jumped sharply.
The Labor Department said Tuesday that wholesale prices rose 1 percent last month. That was more than double what analysts had been expecting. It left prices rising at the fastest pace in more than 16 years.
The worse-than-expected performance was certain to capture attention at the Federal Reserve. Fed officials have chosen to combat a threatened recession by aggressively cutting interest rates, believing that they have room to do so because weak economic growth will keep a lid on prices.
© 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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{"commentId":1507675,"authorDomain":"utahhomesforsale"}
It's pretty sick. The same thing is even happening in Utah, even though our housing market was doing better. Just last month there was an article in Forbes saying that Utah Homes were best in the nation. Sad thing is that in some Counties home sales have decreased for 6 straight Months.
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#1 - Mon Feb 25, 2008 5:36 PM EST{"canLink":false,"threadId":"225009","isPrivate":false}
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