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August 14th, 2008

Food and Energy Costs Boost CPI

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No surprises here. The Consumer Price Index, a key gauge of inflation, rose 0.8% in July, twice the increase economists had predicted. Prices rose 5.6% in July from a year ago, the largest year-over-year increase reported by the Labor Department in over 17 years.

Rising food and energy prices were once again to blame for the stark increase in CPI. Energy prices rose 4% in July, increasing 29.3% in a year-over-year basis, while food prices rose 0.9% in, 6% since last year.

Eliminating the ever-volatile cost of food and energy, the “core” measurement of CPI increased only 0.3% in July, still slightly higher than the 0.2% economists hoped.

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HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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