Spiga

1973 Inflation records broken


U.S. Nov. PPI up 3.2%
core prices up 0.4%

Actually, if you take the new measures out and use the same statistical record keeping methods that include things like real estate, we blew threw those numbers years ago. So the rates are actually much greater today then 1973. This is headline sentiment news, and its about time.

Wholesale energy prices rose 14.1% in November, beating the prior record growth of 13.4% in January 1990. Gasoline price growth also hit a record -- reaching 34.8% -- up from the prior record of 28.8% in April 1999.

Strategic Energy and Economic Research Inc. "I think we're going to see greater effects in the coming months. This is a black day for [Federal Reserve Chairman] Ben Bernanke."
Thursday's data could support concern, Lynch said, that the U.S. economy will enter a period of stagflation -- a combination of slow economic growth, high unemployment and rising prices.

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