Newspaper article The Florida Times Union

Gas, Food Prices Increase Inflation Locally, Nationally; If Not for Weak Housing Market, the Rates Would Be Higher, Expert Says

Newspaper article The Florida Times Union

Gas, Food Prices Increase Inflation Locally, Nationally; If Not for Weak Housing Market, the Rates Would Be Higher, Expert Says

Article excerpt

Byline: Mark Basch

This won't come as a surprise, but rising gasoline and food prices are sending inflation rates higher, according to local and national reports released Friday.

The University of North Florida's Local Economic Indicators Project (LEIP) said its Consumer Price Index for the Jacksonville area rose by 0.39 points in April to a seasonally-adjusted 109.86, the fourth straight large increase.

The price data through the first four months of the year translates into an annual inflation rate of 4.3 percent for Jacksonville, LEIP said, after its index rose by just 0.1 percent in 2010.

"The April CPI reinforced the trend of upward movements in price that have dominated thus far in 2011," UNF economist Paul Mason said.

"Clearly gasoline and oil-related products have dominated the price increases, but these commodities are so fundamental in the costs of so many other products that more general inflation would be hard to avoid," he said. …

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