Business news with words department+price+prices. 33 news.

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.

STOCKS sold off yesterday after a jump in consumer inflation raised concerns about how much freedom the Federal Reserve has to continue cutting interest rates. The Dow Jones industrial average gave up more than 178 points. The Labor Department said the consumer price index rose 0.8 percent in November amid a spike in gasoline prices. The report also found large increases in the cost of clothing, airline tickets and prescription drugs. The report raises questions about the Fed's options for priming the economy. The Fed this week lowered interest rates and announced a plan to align with other key central banks and offer loans to pressed lenders around the world. But while it wants to stimulate the U.S. economy and make lending easier among banks wary of faltering debt, the Fed also has to keep a watchful eye on inflation. Robert Dye, senior economist at PNC Financial Services Group, said the economic readings this week painted a mixed picture for investors, spurring some of the

HOUSING prices in 70 major Chinese cities jumped by 10.5 percent in November, according to an official with the country's top economic planning body. The growth rate was the largest monthly rise since July 2005 when China started to cover more cities in its monthly housing price survey. From January to November, housing prices grew by 7.3 percent year on year, with the cost of new homes jumping 7.9 percent, Cao Changqing, director of the pricing department under the National Development and Reform Commission, said in an online interview. Rising property prices, driven up by speculation, have become a major concern for Chinese citizens. "Despite falling sales, housing prices in parts of Beijing, Shanghai, Guangzhou and Shenzhen still remain high," he said. Prices are expected to remain stable as macro-control policies are starting to yield results, Cao said. The government introduced a string of policies to cool off the red-hot real estate market.

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.

THE year-on-year growth rate of China's home prices last month hit a two-year high, a senior official in the nation's top planning body has said. The average home price in 70 major cities rose 10.5 percent last month compared with a year ago, and average new home prices grew 12.2 percent year-on-year, Cao Changqing, head of the pricing department at the National Development and Reform Commission, said yesterday in an online interview. But Cao did not reveal last month's growth rate over October. The average housing price in these cities has increased six consecutive months, including November. In the first 11 months of this year, home prices in 70 cities increased 7.3 percent from the previous year, while new residences jumped 7.9 percent. Shenzhen and Guangzhou's home prices began to drop gradually after hiking in previous months, while home sales in popular areas such as Beijing, Shanghai, Shenzhen and Guangzhou have decreased, Cao said. Property policies will meet the

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%.

The price of imports into the US jumped by the most in more than a quarter of a century in the last year as energy costs soared, figures from the Labor Department showed

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.

SINGAPORE'S inflation accelerated in October to the highest since 1991, suggesting the central bank will allow the currency to strengthen further to curb consumer price gains. The consumer price index jumped 3.6 percent from a year earlier, after gaining 2.7 percent in September, the Department of Statistics said yesterday. The figure exceeded all estimates by economists surveyed by Bloomberg News, where the median forecast was a 2.8 percent gain. Prices rose 1.3 percent from September. The Monetary Authority of Singapore last month said it would allow a "slightly" faster appreciation in its currency, aiming to damp decade-high inflation by making imports cheaper. The government this week said it expects consumer prices to rise next year at more than double the 2007 pace. "The risks of inflation are clearly to the upside," said Joseph Tan, Asia strategist at Fortis Bank SA in Singapore. "We can expect the Singapore dollar to get stronger, and we don't

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) - 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.

U.S. consumer prices rose at the sharpest rate in four months during September, the government reported Wednesday, as energy costs picked up after three months of decline. The Labor Department said the Consumer Price Index, the most broadly used gauge of inflation, rose at a 0.3 percent rate last month after declining 0.1 percent in August.

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.

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%.