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CBS4 Your Money: Week Ends With Uncertainty

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Aug 23, 2008 7:27 am US/Eastern

CBS4 Your Money: Week Ends With Uncertainty

The Labor Department's most recent inflation data showed that U.S. food prices rose by 4.2 percent for the 12 months ending in July

MIAMI (CBS4) ―







The week began as South Florida waited for Tropical Storm Fay and crude oil prices fell as the storm cleared away from oil rigs based in the Gulf of Mexico.

On Tuesday, the Labor Department reported that higher food prices were on the way to your local supermarket. July wholesale prices were up 1.2 percent, which rung up the highest annual inflation rate in 27 years.

On Wednesday, more mortgage mess fallout as stocks of giants Fannie Mae and Freddie Mac fell to new lows, losing nearly 90 percent of their value since January.

On Thursday, there was some good news on the employment front with jobless claims dropping by 18,000 in the past week, a better showing than expected. 

The week ended with the Federal Reserve Board Chairman Ben Bernanke, at a Jackson Hole, Wyoming, conference acknowledging how the one-two punch from the credit crisis and soaring inflation were creating the perfect "economic" storm.

 

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