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US Cost of Living Hits Record, Passing Pre-Crisis High

Posted By admin On March 18, 2011 @ 9:45 am In Money Watch | Comments Disabled

John Melloy
CNBC [1]
Friday, March 18, 2011

One would think that after the worst financial crisis since the Great Depression, Americans could at least catch a break for a while with deflationary forces keeping the cost of living relatively low. That’s not the case.

A special index created by the Labor Department to measure the actual cost of living for Americans hit a record high in February, according to data released Thursday, surpassing the old high in July 2008. The Chained Consumer Price Index, released along with the more widely-watched CPI, increased 0.5 percent to 127.4, from 126.8 in January. In July 2008, just as the housing crisis was tightening its grip, the Chained Consumer Price Index hit its previous record of 126.9.

“The Federal Reserve continues to focus on the rate of change in inflation,” said Peter Bookvar, equity strategist at Miller Tabak. “Sure, it’s moving at a slower pace, but the absolute cost of living is now back at a record high in a country that has seven million less jobs.”

The regular CPI, which has already been at a record for a while, increased 0.5 percent, the fastest pace in 1-1/2 years. However, the Fed’s preferred measure, CPI excluding food and energy, increased by just 0.2 percent.

Full story here. [1]

US Cost of Living Hits Record, Passing Pre Crisis High 260310banner2 [2]

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URLs in this post:

[1] CNBC: http://www.cnbc.com/id/42130406

[2] Image: http://purewaterfreedom.com/

[3] Stock up with Fresh Food that lasts with eFoodsDirect (AD): http://www.efoodsdirect.com/

[4] The Price Of Corn Hits A Record High As A Global Food Crisis Looms: http://www.prisonplanet.com/the-price-of-corn-hits-a-record-high-as-a-global-food-crisis-looms.html

[5] Goldman: Real Cost Of Fed “Easing” Will Exceed $2 Trillion – Gold Hits Record High: http://www.prisonplanet.com/goldman-real-cost-of-fed-easing-will-exceed-2-trillion.html

[6] Unemployment hits record high across the Eurozone at 12.2%, leaving nearly 20million people out of work: http://www.prisonplanet.com/unemployment-hits-record-high-across-the-eurozone-at-12-2-leaving-nearly-20million-people-out-of-work.html

[7] Gold hits new record high for third day: http://www.prisonplanet.com/gold-hits-new-record-high-for-third-day.html

[8] Cost of living ‘has reached peak’: http://www.prisonplanet.com/cost-of-living-has-reached-peak.html

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