Business news with words department+food+prices. 30 news.

OVERALL consumer prices in Hong Kong rose 3.4 percent year on year in November, slightly higher than October's 3.2 percent, the Census and Statistics Department said yesterday. The larger increase was mainly attributed to higher costs for town gas, private housing rents, outdoor dining as well as package tours, a spokesman for the department said. The spokesman said forecast for inflation in 2007 remained unchanged at two percent, adding that the slightly higher increase in November had been taken into account in the outlook, which was announced in mid-November. Looking ahead, sustained economic expansion, high food and oil prices, the weak US dollar and the appreciation of the yuan would continue to exert pressures, he added. "Lately, the pick-up in private housing rents also deserved attention. Yet the sustained increase in labor productivity should help mitigate the pressures to some extent," he added. For the three-month period ended November, the average

Wheat prices surged above $10 a bushel for the first time Monday amid concerns that strong demand globally could result in a grain shortage in the United States next year -- worsening food price inflation. Wheat supplies in the U.S. have dwindled this year as one wheat crop after another around the world has been damaged by poor weather, most recently in Australia and Argentina. That's sent buyers scrambling for stockpiles at any cost. U.S. wheat exporters already have sold more than 90 percent of the 1.175 billion bushels the U.S. Department of Agriculture expects will be exported during the whole marketing year, which ends in June 2008. Kansas wheat producers likely won't benefit much from the spike, as most of last year's crop has already been sold, said Marsha Boswell, a spokeswoman for Kansas Wheat. "Last year during harvest, we had flooding and also freeze damage in April, so there was a lot of wheat we were not able to harvest," she said. "So there's not a lot of wheat left in the state to be sold at that price right now." However, the higher bushel price is good news for farmers looking ahead to futures pricing for next year's harvest.

NEW YORK (MarketWatch) -- The dollar strengthened against other major currencies early Friday, getting a boost after the Labor Department reported hotter-than-expected consumer price inflation for November. The dollar rose 0.7% against the yen at 113.07 yen. The euro gave up 1% at $1.4491. The dollar index, which tracks the performance of the greenback against a basket of other major currencies, rose 0.8% at 77.145. The consumer price index increased 0.8%, driven by a 5.7% gain in energy prices, the biggest gain in consumer prices in more than two years. Core inflation, which excludes food and energy prices, rose 0.3%, the biggest gain since January. The numbers were worse than expected. Economists were forecasting the CPI to rise 0.7% and the core rate to rise 0.2%, according to a survey conducted by MarketWatch.

WASHINGTON (MarketWatch) - The underlying rate of U.S. inflation accelerated in November, the Labor Department said Friday. The consumer price index increased 0.8%, driven by a 5.7% gain in energy prices, the fastest increase in energy prices since March. This is the biggest gain in consumer prices in more than two years. Food prices rose 0.3%, and apparel, airline and drug prices also spiked. The core CPI, which excludes food and energy costs, was up 0.3% in November, the biggest gain since January. Economists were expecting the CPI to rise 0.7% in November after a 0.3% gain in October. The core rate was expected to rise 0.2% after rising 0.2% in the previous month.

WASHINGTON (MarketWatch) -- Wholesale prices rose 3.2% in November - the largest change since 3.5% in August 1973 -- as energy price growth hit a new record, the Labor Department reported Thursday. Wholesale energy prices rose 14.1% in November, beating the prior record growth of 13.4% in January 1990. Growth in gasoline prices of 34.8% also hit a new record - beating the prior record of 28.8% in April 1999. Food prices had 0.0% growth, compared with a gain of 1.0% in the prior month. Excluding volatile food and energy, the core producer prices grew 0.4%. Economists had expected November's PPI to grow 1.8% and the core to grow 0.2%.

WASHINGTON (MarketWatch) - Growth in U.S. consumer spending ground to a halt in October, while inflation eroded American households' modest gains in income, the Commerce Department reported Friday. Nominal incomes rose just 0.2% in October. But after accounting for the 0.3% rise in prices, real after-tax incomes fell 0.1%. Consumer spending increased 0.2% in nominal terms and was flat after adjusting for inflation. Both incomes and spending were slightly weaker than expected on Wall Street. Inflationary pressures were steady in October. The personal consumption expenditure price index rose 0.3% for a second straight month. Core prices, which exclude food and energy prices, rose 0.2% for the second straight month. Core inflation was steady at 1.9% over the past year, just within the Fed's unofficial comfort zone.

UNITED States retailers, offering holiday discounts of 50 percent or more this week, may see profits erode even as customers flock to stores. Wal-Mart Stores Inc will mark down toys and TVs online through this week, while Kohl's Corp, the fourth-biggest US department store, sold jewelry at 60 percent off during the first days of the holiday shopping season, which started the day after Thanksgiving, so-called Black Friday. Analysts said a lack of "must-have" products in 2007 means retailers will rely on lower prices, threatening margins in the biggest quarter of the year, Bloomberg News said. Sales in November and December may increase at the slowest pace since 2002, according to the National Retail Federation, as rising fuel and food prices discourage consumers from purchasing higher-priced gifts. The NRF said shoppers each spent an average 3.5 percent less this year during the weekend after Thanksgiving. "Black Friday draws crowds, how about profits?"

CONSUMER prices in the US rose last month at the same pace as September, led by increases in fuel costs that threaten to boost inflation and slow growth. The cost of living increased 0.3 percent in October, as forecast, the Labor Department said yesterday in Washington. So-called core producer prices, which exclude fuel and food costs, rose 0.2 percent for a fifth month. Gasoline and heating-oil prices started rising in late October and have continued higher this month, suggesting fuel costs will remain a concern. Meanwhile, annual inflation in the euro zone rose to 2.6 percent in October, due to higher fuel and food prices across the 13 countries that use the currency, the EU statistics agency said. The increase puts more pressure on the European Central Bank to consider an interest rate rise to curb the hike in costs. The price index rose from 2.1 percent in September, and marks a two-year high despite the strong euro currency which continues to offer European industry and

WASHINGTON Consumer inflation posted another elevated reading in October as energy prices shot up by the fastest pace in five months. The Labor Department reported Thursday that its Consumer Price Index rose by 0.3 percent last month, the second straight month with inflation at that level. The acceleration was occurring because of another jump in energy prices and continued increases in food costs. Meanwhile, the government said that the number of laid off workers filing claims for unemployment benefits rose by 20,000 last week to 339,000, the highest level in four weeks.

WASHINGTON (MarketWatch) - The consumer price index increased 0.3% in October, driven by a 1.4% gain in energy prices, the Labor Department said Thursday. This was the fastest increase in energy prices since May. Food prices rose 0.3%. The core CPI, which excludes food and energy costs, was up 0.2% in October. Economists were expecting the CPI to rise 0.3% in October after a 0.3% gain in September. The core rate was expected to rise 0.2% in October after rising 0.2% in the previous month.

WASHINGTON (MarketWatch) -- Wholesale prices rose 0.1% in October, as food prices rose and energy prices fell, the Labor Department reported Wednesday. Energy prices decreased 0.8% in October, compared with a gain of 4.1% in the prior month. Food prices rose 1.0%, compared with a 1.5% gain in the prior month. Excluding volatile food and energy, the core producer prices were flat with the prior month's level. Economists had expected both the PPI and core to rise 0.1%.

WASHINGTON (MarketWatch) - The U.S. economy shook off the worst housing downturn in a generation to grow at a 3.9% annual pace in third quarter, the best performance in six quarters, the Commerce Department estimated Wednesday. The increase in gross domestic product was better than the 3.4% gain expected by economists surveyed by MarketWatch. Growth was well-balanced in the period from July to September, with strong contributions from consumers, exports, capital spending, military spending, and inventory building. Housing investments continued to be a major drag. Despite rising worries about commodity prices, the GDP price index, the broadest measure of price changes in the economy, rose just 0.8% annualized, matching a nine-year low. Consumer prices rose 1.7%, while core consumer prices, which exclude food and energy prices, rose 1.8%, just within the Federal Reserve's target zone.

PRICES paid by US consumers rose more than forecast in September as food and energy costs climbed, while the core measure that excludes those items showed inflation remains contained. The 0.3-percent gain followed a 0.1-percent decline in August prompted by falling oil prices, the Labor Department said yesterday in Washington. So-called core prices rose 0.2 percent for a second month in line with forecasts. With inflation under control, Federal Reserve policy makers have leeway to consider cutting their benchmark rate again later this month to keep the economy growing in the face of a deepening housing recession. Fed Chairman Ben S. Bernanke this week reiterated the central bank would "act as needed" to foster sustainable growth along with price stability, Bloomberg News said. "A slower economy and additional slack in the labor market should help keep inflation under control," Ethan Harris, chief economist at Lehman Brothers Holdings Inc in New York, said

WASHINGTON Consumer inflation rose at the fastest pace in four months in September, reflecting higher energy and food costs. The Labor Department reported Wednesday that its closely watched Consumer Price Index increased by 0.3 percent last month as energy costs, which had been falling for three months, posted an increase and food prices jumped by the largest amount since June. The 0.3 percent CPI increase was slightly above the 0.2 percent advance that economists had been expecting. Core inflation, which excludes energy and food, was up a more moderate 0.2 percent, in li

Consumer inflation rose at the fastest pace in four months in September, reflecting higher energy and food costs. The Labor Department reported Wednesday that its closely watched Consumer Price Index increased by 0.3 percent last month as energy costs,...

WASHINGTON (MarketWatch) - U.S. consumer prices increased 0.3% in September on higher food and energy prices, but core inflation rose a more-moderate 0.2% for the fourth month in a row, the Labor Department reported Wednesday. The 0.3% increase in the consumer price index was the biggest since May. The figures came in exactly as expected by economists surveyed by MarketWatch. The CPI figure will be used by the Social Security Administration to set next year's cost-of-living adjustment for benefits, which are expected to rise 2.8% in January to match the gain in the CPI for workers over the past 12 months. The core CPI, which excludes food and energy prices to get a better look at inflationary trends, has risen 2.1% in the past year.

TEL AVIV (MarketWatch) -- The U.S. Justice Department and Defense Department are investigating a number of publicly and closely held foods producers for possible improprieties in the deals they made to supply food to the troops in Iraq, The Wall Street Journal reported. People involved in the inquiry told the paper that ConAgra, Perdue Farms, Sara Lee and other companies are involved in the review. The inquiry is looking at whether the foods companies set excessively high prices when they sold their goods to the Army's main food contractor for the war zone, Public Warehousing Co. of Kuwait, the Journal reported. A related question under review is whether Public Warehousing, which delivered the food to the troops, improperly took refunds it received from these suppliers, the Journal reported.

WASHINGTON (MarketWatch) - Wholesale prices surged 1.1% in September, led by rising energy and food prices, the Labor Department reported Friday. This is the largest increase since February. Energy prices jumped 4.1% in September, the biggest increase since last November. Food prices rose 1.5%. Excluding volatile food and energy, however, the core producer price index rose a less-than-expected 0.1% on lower car prices. Economists expected the PPI to rise 0.4% and the core to rise 0.2%.

A SERIES of international sports events helped boost Shanghai's retail sales by a fifth during last week's National Day holiday, the city's economic commission said yesterday. Sales generated by the 425 retailers surveyed jumped 20.5 percent to 5.1 billion yuan (US$680 million) between October 1 and 7 from the same period last year, the Shanghai Economic Commission said in a report. The growth rate was 3.7 percentage points higher than the pace registered during the Labor Day holiday in May and 6.1 percentage points higher than February's Spring Festival. Chen Yuxian, author of the report, attributed the Golden Week spending boom partly to the FIFA Women's World Cup soccer championship, the Special Olympics and the Formula One Chinese Grand Prix, which all brought large numbers of athletes and sports fans to town. "Several local shopping and tourism events coincided with the holiday, plus the good weather also pushed up sales," Chen said. Hundreds of theme events were held citywide as part of the Shanghai Shopping Festival, including the Luwan District's imported food show, an international shopping carnival in Jing'an District, Huangpu's jewelry fete and a wine-tasting gala in Hongkou District. Hypermarkets, supermarkets and convenience stores were the leading contributors to the consumption boom, accounting for 41.2 percent of the total retail sales, the report said. Sales in department stores and shopping malls also rose. But sales in the restaurant sector fell 16.4 percent to 137.8 million yuan from the same period a year earlier, and receipts for hotels and related service businesses dropped 3.2 percent to 97.2 million yuan, the report said, without stating a reason. Local retail powerhouse Shanghai Brilliance (Group) Co generated 1.69 billion yuan in sales over the weeklong holiday, up 20.7 percent year on year and topping the eight major business groups surveyed by the commission. Meanwhile, retail sales in the suburbs totaled 763 million yuan, up 16.6 percent, led by Nanhui, Songjiang, Jinshan, Qingpu and Baoshan districts, which reported a rise of more than 25 percent. The report also said food prices remained stable during the holiday, with meat prices falling from the pre-holiday period while prices of green-leaf vegetables were up slightly.

Increased production of corn-based ethanol has raised U.S. food prices this year but not nearly as much as high oil prices and weather problems, the head of the Agriculture Department said Tuesday.