August cost of living hits highest increase in 3 years

By Sean R Parker

For the Deseret News

Published: Monday, Sept. 17 2012 2:39 p.m. MDT

Rising gas prices accounted for 80 percent of the cost of living increase in August.

Tony Dejak, AP

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Summary

Cost of living in the U.S. increased by the largest amount in three years during the month of August.

Cost of living in the U.S. increased by the largest amount in three years during the month of August, according to Businessweek.

The Consumer Price Index made a 0.6 percent increase in August, according to the Bureau of Labor Statistics.

Items not related to food and gasoline prices only increased 0.1 percent, according to Businessweek.

“I think inflation will remain benign for some time,” Ryan Sweet, a senior economist at Moody’s Analytics Inc. in West Chester, Pa., told Businessweek before the report. “The consumer’s still very, very price-sensitive, and rightfully so because the unemployment rate’s high, wage growth is barely keeping up with inflation.”

Rising gas prices accounted for 80 percent of the increase, according to the Bureau of Labor Statistics.

EMAIL: sparker@desnews.com

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Mountanman

Hayden, ID

More horrible news for America! Just think, with another 4 years of Obama policies, our country will be broken beyond repair!

3:48 p.m. Sept. 17, 2012
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Chris B

Salt Lake City, UT

well barack?

Unemployment STILL above 8%, over 3 years after he said it wouldnt even reach 8% if given his first of many spendathons.

4:35 p.m. Sept. 17, 2012
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xscribe

Colorado Springs, CO

Seems some never get tired of the same old worn-out complaints. If Romney wins, can't wait to say how "America will be broken beyond repair" for four years.

Here's the Romney/Ryan solution: I know we can do it (for the More..

5:40 p.m. Sept. 17, 2012
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