Inflation along Gulf Coast soars highest in 15 years
Updated: 2005-10-18 21:46
Inflation at the wholesale level last month soared by the largest amount in
more than 15 years, reflecting the surge in energy prices that occurred
following the Gulf Coast hurricanes.
The Labor Department reported that wholesale prices jumped 1.9 percent in
September, led by surging prices for gasoline, natural gas and home heating oil
after the widespread shutdowns of refineries and oil platforms along the Gulf
Coast. Food prices, which had been declining, posted the biggest increase in 11
months as the price of eggs shot up by a record amount.
Excluding the volatile energy and food sectors, the so-called core rate of
inflation also posted a worrisome increase of 0.3 percent after showing no
increase at all in August.