Business

More money, more money
by Claudia Sonea

Prices have hit records in all areas now: energy, food, clothing, drugs. This month was marked by soaring energy prices that led to the increase of the inflation and the forecast for the months ahead shows no sign of improvement. On Monday Fed's Chairman made a public statement assuring that they are on guard, that they are closely watching the course of the events and their worries of a possible recession changed in that they will face higher inflation. All the points touched in the speech gave a clear perspective of the events, but unfortunately no solution. The consumer price for this month got higher with 0.6 percent the biggest one since November, the food prices rose 0.3 percent in May, and clothing costs were down 0.3 percent and that of drugs 0.7, airline ticket jumped 3.2 percent. All the costs produced by the spicing of the energy are reflected in food prices (transporting), especially in the condition that the gasoline reached $4.06. As a solution the Federal Reserve is going for raising interest rates. Many private economists forecast a continuous process of record heights. There is still the problem of unemployment and the weak economy that prevents rates from changing until later this year. Federal Reserve is in a tight situation and has to come up pretty soon with a solution. All eyes are on it because the consequences of the soaring are reflected in all areas. Don't go away, more to come on this particular subject regarding the most powerful country in the world.

related story: http://news.yahoo.com/s/ap/20080613/ap_on_bi_go_ec_fi/economy;_ylt=AtGTMNi.Ssk0kRaROLXzD4as0NUE

by Claudia Sonea for PocketNews (http://pocketnews.tv)

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