Gas Prices: Ben Bernanke

Ben Bernanke: Those figures came in a little higher than expected, but U.S. consumer prices are still considered stable, according to CBC. The Federal Reserves inflation target is two per cent annually and it would like employment to fall from its current rate of 7.6 per cent before it allows interest rates to rise. Ben Bernanke to report to Congress The U.S. consumer price index rose 0.5 per cent in June from May, with most of the increase coming from a 6.3 per cent jump in gas prices. Inflation in consumer prices in the last year stands at 1.8 per cent, the U.S. Labor Department reported Tuesday. Excluding volatile food and energy costs, so-called core prices rose just 0.2 per cent on the month and 1.6 per cent over the past year. Retailers have hesitated to raise prices with U.S. unemployment still high and wage growth stalled. (www.immigrantscanada.com). As reported in the news.