NewsMine — economy — united-states — 2007-jan-may — Viewing Item

US food prices spiked { March 2007 } Original Source Link: (May no longer be active)    http://news.bbc.co.uk/2/hi/business/6553263.stm http://news.bbc.co.uk/2/hi/business/6553263.stm Last Updated: Friday, 13 April 2007, 16:56 GMT 17:56 UK US prices pushed higher by food Wholesale prices in the US spiked 1% in March, mostly reflecting more expensive food and petrol prices. The rise in price inflation of goods before they reach store shelves came after a 1.3% jump in February, the US Labour Department said. The pick-up in the Producer Price Index (PPI) was steeper than expected. But without volatile energy and food prices, all other prices were flat, suggesting inflation has so far not spread to the wider economy. The report noted food prices advanced 1.4% in March, with cauliflower prices up 145% and sweetcorn up 21.7%, on the previous month, while petrol prices swelled 8.7%. 'Not pleasant' In the 12 months to March, wholesale prices rose 3.2%, the fastest pace since August 2006. The core PPI, in contrast, was up just 1.7% from a year ago. "Food and energy costs are surging, but if you don't have to eat and drive, life is not that bad," said Joel Naroff, president of Naroff Economic Advisors. "This was a pretty good report, if you are a central banker. If you live in the real world, it was not pleasant news." When it meets in May, the Federal Reserve is widely expected to hold base interest rates at 5.25% for the seventh time in a row. But the minutes from its last meeting raised the possibility of another hike to combat inflation risks.

Almost 7m kids die a year from hunger Anxiety over housing market pulls down stocks { March 28 2007 } Credit counselors overwhelmed by mortgage crisis Dollar drops under half british pound { March 2007 } Dollar may fall on weak manufacturing { December 2007 } Dollar nears record low against euro { March 2007 } Dow fell over 500 points { January 2007 } Dow hits 12800 record high { March 2007 } Existing home sales fall 8 percent { March 2007 } Factory orders plunge { March 6 2007 } Gold selloff continues to cover equity losses { February 2007 } Greenspan warns of US recession { January 2007 } Hershey cuts jobs builds plant in mexico { January 2007 } Home prices to fall for first time since great depression { April 12 2007 } Investers sell gold to recover market losses { January 2007 } January 2007 new homes sales fall 17 percent Jobless numbers highest in weeks { December 2007 } Late mortgage payments up forclosures surge { March 14 2007 } Retail sales fell sharply last month { May 11 2007 } Soaring rates risks 2m american homes { March 14 2007 } Stocks plummet on subprime concerns Trade deficit with china reaches record 214b { January 10 2007 } US food prices spiked { March 2007 } US productivity growth behind EU for first time { December 2007 } Wallstreet plummets after chinese stocks drop { January 2007 } Files Listed: 25

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