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Increases in food lead to rise in March producer prices
By Oscar Monfort on Apr 22nd, 2010
Consumers may find that purchases are going to cost them a bit more in some areas, according to a recent report from the Bureau of Labor Statistics.
The BLS said the Producer Price Index increased 0.7 percent in March at a seasonally adjusted basis. The PPI measures how much manufacturers and other companies get for the products they produce.
The increase was led by a jump in wholesale food prices, which increased 2.4 percent during the month. That marks the highest increase in that area in 26 years.
"This advance can be primarily traced to a 49.3-percent surge in prices for fresh and dry vegetables," the BLS said.
Although PPI increased in March, it may not affect consumers as much, as the Consumer Price Index increased by 0.1 percent during the third month of the year.
Still, some consumers may be feeling the pinch of the recession and the effects of unemployment. To make ends meet, many may have relied on credit cards to pay for daily expenses like food and shelter.
However, the unemployment rate remained steady at 9.7 percent in March, as some people are managing to find employment. Consumers who have found a job and want to carve off credit card debt they took on during the recession may consider debt consolidation, which can help reduce interest rates.
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