Wampum

CPI was just released by BLS this morning:

Consumer Prices Up 0.5 Percent in March
By THE ASSOCIATED PRESS

Published: April 14, 2004
Filed at 8:34 a.m. ET

WASHINGTON (AP) -- Consumer prices -- lifted by more expensive gasoline, airfares and clothing -- rose by 0.5 percent in March, raising questions about whether the seeds of unwanted inflation are being sown.

The increase in the Consumer Prices Index, the government's most closely watched inflation barometer, followed a 0.3 percent advance in February and matched the rise registered in January, the Labor Department reported Wednesday.

Of course, the big culprit was record gas prices, reaching well over $2 on the West Coast, and expected to do the same almost everywhere else this summer. Over the past three months, energy prices have risen 38.6%, also driving up transportation costs by 14% over the same period. However, apparel, which has been consistently declined over the past year, jumped 0.9% last month, which might send off an alarm or two.

This is certain to send the "worker bee" hourly wage index markedly down next month.