WASHINGTON (Reuters) – Gasoline prices jumped in January, leading overall consumer prices higher and offering a reminder of the risks energy costs pose to the economic recovery.
Despite the warning signal, overall consumer prices rose just 0.2 percent, the Labor Department said on Friday, which is unlikely to ring alarm bells at the Federal Reserve.
Strong jobs and factory data have eased worries U.S. economic growth could slow sharply, but tensions between Western nations and Iran still threaten to hand the economy a repeat of 2011 when a spike in energy prices hit the recovery hard.
Read more: http://www.mcall.com/business/sns-rt-us-usa-economytre7bm0ab-20120103,0,2516876.story
We wouldn’t have this problem if our dear President would let the oil companies dig for oil in THIS country instead of being at the mercy of towlheads that want us dead!
I wish our dear government would realize that when the price of gas goes up,so does EVERYTHING else!
I have seen a HUGE increase in my food bill,even though I use coupons and look for sales.
I hope one day of the numbnuts in DC get to experience what we working people are experiencing now.Inceases in EVERYTHING exept our incomes.