http://ap.tbo.com/ap/breaking/MGADVR1DWQD.htmlSharply Higher Energy Costs Lift Consumer Prices by 0.5 Percent in January By Jeannine Aversa Associated Press Writer
WASHINGTON (AP) - Sharply higher costs for gasoline and other energy products pushed consumer prices in January up by 0.5 percent, the largest increase in nearly a year. <snip>
Some economists believe the Fed will start to nudge up short-term rates later this year. Others don't believe rates will move until 2005.
Even though Greenspan was optimistic that inflation would remain under control this year, he did say he would keep a close eye on rising energy prices, especially for natural gas and gasoline. <snip>
The 0.5 percent rise in overall consumer prices in January marked the largest rise since February 2003 when consumer prices went up by the same amount. Economists were expecting a smaller, 0.3 percent rise in the overall CPI last month and a 0.1 percent increase in the core rate of inflation.