17 Mar '11, 3pm

US consumer prices jump in February

US consumer prices jump in February

WASHINGTON : Higher oil and food costs caused a surge in consumer prices in February, the government said on Thursday, lending voice to Americans' outcry about the rising cost of living. Prices for consumer staples rose 0.5 per cent from January, the fastest rise since June 2009, according to figures from the Labour Department. Costs for "shelter, new vehicles, medical care, and airline fares" all went up, the department said. Consumers have been increasingly vocal about the higher cost of living as the economy continues to grow slowly and joblessness remains at a very high 8.9 per cent. Food prices jumped 0.6 per cent on average in February, while energy prices surged 3.4 per cent - taking the three-month rise to nearly 10 per cent. Clothing prices fell, however, one of the few categories of popular goods to decline. The report came on the tail of data on producer prices ...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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