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Inflation continues to soar
Wednesday,
July 23, 2008
Increases in food prices jumped the highest in the consumer price index for the second quarter of 2008.
The CPI measured the jump in food prices at 6.2% compared to the first quarter of the year. When measured for the year to date, food prices have risen 12.6%. Also driving up the cost of living is increases in housing costs, driven mainly by electricity prices. This went up 5% for the quarter and almost 15% for the year. The cost of alcoholic beverages also jumped 5%. And while motorists felt the pinch of higher gasoline prices, the CPI measured only a 1.5% increase in the transportation group. This is because the second quarter survey was based on prices in mid May when gasoline did not cost as much as it does now. There were slight increases in the cost of clothing, medical care, recreation, education and communication. The rate of inflation was pegged at 8.6%. Overall the cost of goods and services went up almost 9 percent for the year.
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