Energy Forces Prices Higher; If Oil Markets Moderate, 2005 Could Be a Year of Low Inflation

Summary

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WASHINGTON (AP) - A surge in the cost of gasoline and other energy products pushed consumer prices up by 3.3 percent in 2004, the biggest jump in four years, but relief might be on the way. Consumer prices actually dipped in December as energy costs moderated.

The Labor Department reported Wednesday that its closely watched Consumer Price Index edged down 0.1 percent last month, reflecting the biggest drop in energy prices since July.

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Energy Forces Prices Higher; If Oil Markets Moderate, 2005 Could Be a Year of Low Inflation

The 3.3 percent increase in prices for all of 2004 was the biggest jump since a 3.4 percent rise in 2000. It represented a significant a...

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