The AP says that inflation in wholesale prices “shot up” by the largest amount in 26 years, while retail sales slumped. December was the worst shopping season in 5 years.
The Labor Department reported that wholesale inflation was up 6.3 percent for all of 2007, reflecting a huge increase for the year in various types of energy costs ranging from gasoline to home heating oil.
Meanwhile, retail sales fell by 0.4 percent in December, the worst showing in six months, the Commerce Department reported. Consumer confidence has plunged, reflecting the worsening housing slump and a lingering credit crisis.
What price increases have you noticed this year, apart from gasoline? Milk?