*OT* Jake, the government has spoken! There is no inflation!!! Fuel costs are dropping!!!
Regards,
John (LOL)
March 14 (Bloomberg) -- Consumer prices in the U.S. were unexpectedly unchanged in February as fuel costs dropped, easing concern that inflation would keep accelerating as the economy slows.
The steady reading in the cost of living index followed a 0.4 percent gain in January, the Labor Department said today in Washington. So-called core prices, which exclude food and energy, were also little changed, the first time they didn't increase since November 2006.
Today's report will make it easier for the Federal Reserve to cut interest rates again next week in an effort to limit the slump in economic growth. Still, the cost of fuel has jumped again this month, signaling concern over inflation cannot be completely set aside.
``It allows the Fed to continue easing rates aggressively with a clear conscience,' Mark Zandi, chief economist of Moody's Economy.com in West Chester, Pennsylvania, said before the report. ``Inflation is a concern, but it's completely trumped by concerns about the contracting economy and fragile financial markets.' |
