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Rising Prices Raise Specter of Inflation.
Byline: Barry Flynn
Apr. 15--The recent rise in prices that Americans pay for a wide range of consumer goods accelerated sharply last month, sending a stark signal that inflation -- that friend of debtors and scourge of savers -- is reawakening from a long slumber.
The key indicator of inflation -- the consumer price index, or CPI -- rose by 0.5 percent in March, the U.S. Labor Department reported Wednesday. That was more than expected and works out to slightly more than a 6 percent annual pace, higher than the nation has seen in years.
Especially fast-rising prices for gasoline, air fares and clothing drove the CPI higher. But even the core rate of inflation, which excludes volatile gasoline and food prices, rose 0.4 percent last month -- its biggest jump since November 2001.
A growing number of economists think that, as the result of news such as Wednesday's CPI report, the Federal Reserve may decide to raise short-term interest rates sooner rather than later. Most consumers, though, haven't paid the higher prices much notice yet.
Natalka Eisch of Orlando, on maternity leave from her job as a Northwest Airlines flight attendant, is shopping for a lot of…
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Source: HighBeam Research, Rising Prices Raise Specter of Inflation.
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