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To: Glenn D. Rudolph who wrote (22553)	6/16/1999 8:42:00 AM
From: puborectalis	Respond to of 41369

HERE's the great news on inflation...Consumer Prices Unchanged in May Associated Press Online - June 16, 1999 08:37 By ALICE ANN LOVE Associated Press Writer WASHINGTON (AP) - Consumer prices held steady in May following an April jump that was the largest in nearly nine years. Falling energy prices balanced rising food costs to help keep the Consumer Price Index flat last month, the Commerce Department said today. Core prices - which exclude the volatile energy and food categories and are the most closely watched by economists - rose a modest 0.1 percent as clothing and auto prices declined and medical and housing costs edged up. So far this year, the annual rate of inflation felt by consumers is 2.6 percent, compared to a 1.6 percent rise for all of 1998, the smallest in a dozen years. The May calm came after consumer prices rose an unexpectedly sharp 0.7 percent in April. A record increase in energy prices led that upward swing. In response, Federal Reserve officials, after a May 18 meeting, issued a warning that if inflation persists, they are more likely than not to raise interest rates later this year. That would make credit more expensive, likely slowing the economy. The Fed's next meeting is scheduled for June 29-30. Many economists, however, believe that central bank officials will wait at least until later in the summer before deciding whether to take any action on interest rates. Although the April spike in prices was surprisingly large, it was not totally unexpected and many analysts have predicted more moderate inflation for the rest of this year. Prices are expected to rise as other countries begin to recover from nearly two years of global financial turmoil and world demand picks up. Headlines Next Story -------------------------------------------------------------------------------- %FINANCIAL %Gov V%APONLINE P%APO Search news for: Search by:Keyword Ticker Search Keyword examples: "general motors", bio technology and venture, yen Symbol: Click Here For More Information