For people who don't like money and living with a good economy.
All kinds of good economic news today. Including good news on the inflation front, wage increases, energy costs, and housing costs.
Inflation in 2006 eased to the slowest pace in three years as consumers finally got some relief on energy and medical bills. In further good news, inflation-adjusted wages rose at the fastest clip in nearly a decade.
The Labor Department reported Thursday that the Consumer Price Index climbed by 2.5 percent last year, the best showing since 2003 and nearly a full percentage point lower than the 3.4 percent jump in 2005.
The encouraging news stemmed from a sizable slowdown in energy costs in the second half of last year, after 2 1/2 years when the price of gasoline and other fuels had surged to new highs.
Also helping was a significant moderation in health care costs. They rose by 3.6 percent, the smallest annual gain since 1998.
Gasoline pump prices jumped again in December, pushing up the CPI by 0.5 percent for the month. But consumers should see further relief ahead on energy: Crude oil is now trading at a 20-month low near $50 per barrel, down the record $77-plus in July.
The slowdown in prices last year occurred as workers' wages, which have lagged in this recovery, began to show bigger gains.
What? A good economy with a Republican as President? Couldn't be! I blame global warming.
