You've been feeling it... now you can read about it:
AP
Inflation Jumps in 2007
Wednesday January 16, 8:46 am ET
By Martin Crutsinger, AP Economics Writer
Higher Costs for Energy and Food Push Inflation Up by Largest Amount in 17 Years
WASHINGTON (AP) -- Higher costs for energy and food last year pushed inflation up by the largest amount in 17 years, even though prices generally remained tame outside of those two areas.Consumer prices rose by 4.1 percent for all of 2007, up sharply from a 2.5 percent increase in 2006, with consumers especially feeling the pain when they filled up their gas tanks or shopped for groceries. Prices for both energy and food shot up by the largest amount since 1990.
For December, the Consumer Price Index rose by 0.3 percent, down from 0.8 percent in November, as food costs were flat for the month and energy prices rose by 0.9 percent after an even bigger 5.7 percent jump in November.
Outside of food and energy, inflation rose a more moderate 0.2 percent in December. This measure of core inflation rose by 2.4 percent for all of 2007, down slightly from a 2.6 percent increase in 2006.
The Federal Reserve is closely watching to see whether the jump in food and energy becomes more widespread and starts pushing core inflation higher.
linky
Why would they calculate inflation without food and fuel???