Big fall in energy pushes consumer prices down (aka, nominated for stupidist headline today)

[kayell]

Source: AP (Yahoo News)

WASHINGTON - Consumer prices in August posted the first monthly decline in nearly two years as Americans finally get a break from surging energy prices.

The Labor Department reported Tuesday that consumer prices edged down 0.1 percent last month, a significant improvement from a 1.1 percent price spike in June and a 0.8 percent rise in July. The cost of gasoline and other fuels have plunged, reflecting big drops in crude oil prices.



Read more: http://news.yahoo.com/s/ap/20080916/ap_on_bi_go_ec_fi/economy

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:rofl: :cry:

Perhaps it's just my regional perspective: "Five states -- Georgia, Illinois, Indiana, Michigan and South Carolina -- joined usually high-cost Alaska and Hawaii with statewide averages above $4 a gallon. In South Carolina, the average price hit a record high." http://www.latimes.com/business/la-fi-oilstorm15-2008sep15,0,7853970.story

Anyone out there feeling more solvent lately?

[Robb]

1. Yay! A tenth of a percent!!!

That's like almost a brazillion. :D

[kayell]

2. "a significant improvement" indeed

:eyes:

[PSPS]

3. Notice how they cooked the numbers, as usual

You see, when something like energy goes way up, they dismiss it with their phony "core inflation rate" which conveniently excludes anything that goes up in price like energy. But when one of these excluded items goes down in price, they don't play up this "core inflation rate" at all.

Buried in the article, they say this "core" rate did, in fact, go up. This, despite the "big fall in energy."

Just more Soviet-style Pravda "reporting."

[RUMMYisFROSTED]

6. Thanks for posting this so I didn't have to.

Right on the money.

[Tandalayo_Scheisskopf]

4. Here's the deal:

Price of gas on the NYMEX is 2.47. Then, you guys quote the prices at the pump that you do. Of course, taxes play a part in things, but not that big a part. That means that someone is gouging the fuck out of people.

[kayell]

5. Yes, I really should have said: (nominated for most misleading headline today)

It's so early in the day yet, I'm sure there will be lots of contenders.

We really need a massive spin smiley.

[Zenlitened]

7. Nice to see energy costs included in inflation figures!

Oh, wait... I guess energy is included only when a monthly comparison can be made. And then, only in the month FOLLOWING a huge run-up in energy costs.

Got it.

I think there's a word for this kind of reporting. Rhymes with "bin."

:puke: