Thursday, August 14, 2008

Consumer Price Index Rises

The Bureau of Labor Statistics has released it's consumer price index for the first half of 2008 and compares it's results to the first half of 2007. In the Pittsburgh region the overall index shows an increase of 4.9% for all major categories. 7 out of 8 categories showed an increase in prices with the largest coming in the Transportation group and the only decline in price coming in the apparel industry. The effects of high gas prices can be seen in the increase of food and beverages as well as the remarkable 11.4% increase in transportation costs. The bureau says the transportation index's jump is the highest it has seen in the 24 years it has been recording statistics. Pittsburghers need not feel isolated because the statistics are similar across the state and the nation with Americans feeling the same money crunch everywhere.

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