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US inflation hits 17-year high in July
Published in Saudi Press Agency on 14 - 08 - 2008


US inflation was the highest in 17 years in
July as consumer prices rose 5.6 per cent year-on-year, the
Department of Labor reported Thursday, according to dpa.
The cost of living index jumped 0.8 per cent from June to July on
a seasonally adjusted basis, higher than forecasts, after a 1.1 per
cent increase in June.
The increase reflects higher energy and food prices. Energy
prices, led by petrol, rose 4 per cent in July, accounting for about
half of the increase. However fuel prices have since fallen,
signalling July's figures could be a possible peak in inflation.
Food prices rose 0.9 per cent, with the cost for groceries rising
to 1.2 per cent after a 1 per cent increase in June.
Core prices, which do not include food and energy, increased in
July, by 0.3 per cent, for a year-on-year rise of 2.5 per cent.
Prices for clothing and recreation rose more quickly in June, but
costs for housing and medical care did not increase as quickly, the
statistics said.
Last week the US central bank left interest rates unchanged - at 2
per cent - as it continues to balance concerns about sluggish
economic growth and inflation. High inflation has prompted some calls
for the central bank to consider raising interest rates again.


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