Gas gooses cost of nearly everything else
According to the Chicago Sun Times:
Feel like prices are going through the roof?
They are. The Labor Department reported Wednesday that prices rose 4.7 percent in the Chicago area in June from a year earlier.
Energy prices were largely to blame. The energy index spiked 23 percent from a year ago and 4.8 percent from May. The category includes gasoline and household utilities. Gas prices rose 24.1 percent from June 2007, and fuels and utilities were up 20.1 percent.
Pain was also felt at the grocery store. Food and beverage prices climbed 4.5 percent.
Excluding food and energy, prices were up 2.5 percent.
Medical care prices rose 4.9 percent and housing 4 percent.
Apparel was the only category to show a decline, dropping 6 percent.
Nationally, overall prices rose 5 percent -- the second-fastest pace since 1991 -- and 1.1 percent from May -- worse than analysts expected and the second-largest rise since 1982.
Chicago-based Wayne Hummer Investments chief economist Bill Hummer expects inflation worries to prompt the Federal Reserve Board to soon raise interest rates, despite the continuing housing crisis and credit crunch.... click to continue.
