import prices show more INFLATION

[Warrior4g]

ECONX Import Prices m/m +1.7%, prior -0.2%
just out and futures are selling off.

 

[Aaron Copland]

Fed man said yesterday, inflation no problem. Shows how much they no.

 

[Ivanovich]

U.S. January import prices surge 1.7%, set record for 12-month price hike
Friday, February 15, 2008 8:40:00 AM

WASHINGTON (Thomson Financial) - U.S. import prices surged in January more than three times as fast as expected, driven once again by rising oil and food prices, the Labor Department said Friday.

Import prices jumped 1.7% in January, the largest increase since November's 3.1% gain. Economists were predicting a much smaller rise of 0.5%.

Import prices in the year ending January 2008 are up 13.7%, which is the largest 12-month increase since the government started measuring those statistics in 1982.

January's increase was led by a 5.5% rise in the price of petroleum imports. Petroleum imports are up 66.9% over the last 12 months, the largest year-over-year increase since October 2004.

Excluding petroleum, import prices were up only 0.6% in January. But over the last 12 months, import prices excluding petroleum are up 3.65, the largest since the year ending October 2005.

The worldwide increase in food prices showed up in a 3.1% rise for U.S. imports in January, the largest gain since March 2005. That brought the year-over-year increase to 10.9%, the largest annual gain since the year ending April 1995.

The price of imported natural gas rose by 1.6% in January, and natural gas prices have increased 12.3% over the last 12 months.

Goods from major supplier countries to the U.S. economy rose sharply in January. The price of goods from Mexico rose 2.8% in the month and are up 19.9% over the past 12 months.

The price of imports from China rose 0.8% and are up 3.3% over the past year.

The price of imports from Canada rose only 0.1% in the month, but year-over-year, imports from Canada are up 11.3%.

U.S. export prices in January increased 1.2%, the largest increase since January of 1989. Agricultural export prices once again drove the rise, up 5.0%, the largest increase since September 2003.

Excluding agriculture, US export prices were up 0.8%.

Thank God there's no inflation!

 

[daniel5198]

I thought I would never say it, but the unthinkable is happening- i miss Greenspan...! OMG...!

 

[gnome]

Quote from Aaron Copland:

Fed man said yesterday, inflation no problem. Shows how much they no.

Shows how much the LIE... they DO know.

 

[Ivanovich]

Quote from daniel5198:

I thought I would never say it, but the unthinkable is happening- i miss Greenspan...! OMG...!

Dude, Greenspan is one of those that got us here. Just because he was smart enough to leave the party before "last call" doesn't mean he didn't spike the punch.

 

[daniel5198]

Quote from Ivanovich:

Dude, Greenspan is one of those that got us here. Just because he was smart enough to leave the party before "last call" doesn't mean he didn't spike the punch.

sure. that's why i said i'd thought i would never miss the old chap. but man, the uncle is clueless. ouch.

 

[gnome]

Quote from Ivanovich:

Dude, Greenspan is one of those that got us here. Just because he was smart enough to leave the party before "last call" doesn't mean he didn't spike the punch.

Bennie knew of the situation before he campaigned for the job. To get it, you know he had to promise to "play ball". He knew he'd be mired in this mess, but he wanted the job soooooo baaaaaddd..... just goes to show how much some people would do ANYTHING to be a big cheese. (You know, like the potlickers running for president today.)

 

[Murray Ruggiero]

Quote from Ivanovich:

Dude, Greenspan is one of those that got us here. Just because he was smart enough to leave the party before "last call" doesn't mean he didn't spike the punch.

Remember during the crash of the internet bubble in early 2000 he still raised rates!. We have history repeating with inflation and the housing bubble. This time we have rate cuts. We are sick and not taking our medicine.

 

[Ivanovich]

Quote from Murray Ruggiero:

Remember during the crash of the internet bubble in early 2000 he still raised rates!. We have history repeating with inflation and the housing bubble. This time we have rate cuts. We are sick and not taking our medicine.

I agree with you that cutting rates is foolish - I think most here do. But Greenie started this in the beginning because he left rates too low for too long.

You won't get an argument from me when you say that rates need to rise to combat inflation, and that Ben is part of the problem. I agree, he's a large part of the problem. But I just get a bit miffed when people think that Greenie is a hero and should be brought back. Hardly.

You wanna bring someone back? Bring back Volcker.