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Nationwide consumer prices jumped in June, driven by high gasoline, transportation and food prices, the U.S. Bureau of Labor Statistics reported Wednesday. In the Chicago-Gary-Kenosha area however, inflation rose more modestly.
The Consumer Price Index, a key measure of inflation, shot up 1.1 percent on a seasonally adjusted basis from May to June. This was the second-largest national monthly increase in percentage terms in 26 years. The reading was substantially higher than Bloomberg LP's economists' estimate of 0.7 percent.
Chicago-area investors are looking to shift their portfolios into higher gear—with greater risk—to keep pace with rising inflation.
The Standard & Poor's 500 and Dow Jones Industrial Average are in the red for 2008—down 4.6 percent and 3.0 percent respectively. Home prices have declined an average of 8.3 percent in the first quarter of 2008.
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