Economic Report: Workers Feeling Pain From Food To Gas To Foreclosures - 05/15/08
14th May 2008
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By Doug Cunningham
Food prices were sharply higher in April – the biggest jump in food prices in 18 years. Inflation is running officially now at 3.9 percent. Gas prices have hit another record high. And home foreclosures in April were up 65 percent over a year ago – with more than 243,000 households going into foreclosure. Kevin Phillips, author of the book "Bad Money." says more misery is being felt by workers than government numbers indicate. He says real consumer prices are up by much more than the official inflation number.