Inflation on the agenda
Posted 06:52 a.m., May 14, 2008
World stock markets were mostly higher overnight, with mining and other natural resources stocks helping lift Asian markets and a better-than-expected quarterly report from French bank BNP Paribas boosting European shares. Commodities prices, including oil and gold, generally edged lower, while the dollar mostly held its recent gains against other major currencies.
Locally, the average price of a gallon of regular unleaded gasoline rose above $3.60 for the first time, reaching $3.611 this morning, according to AAA’s Fuel Gauge Report. That’s up from $3.587 yesterday, $3.228 a month ago and $2.809 a year ago. To put that in perspective, the following chart shows gas prices year-to-date versus the same period in 2007 and 2006:
If you’re reading this from outside the Charleston area, chances are good that your local prices are higher than ours (South Carolina has the third-lowest average statewide gas price in the nation at the moment, according to AAA), but the general profile is probably similar.
On a not-unrelated topic, today’s major economic report: Consumer price index for April. Consensus forecast: up 0.3 percent, same as March. Excluding energy and food (“core” inflation): up 0.2 percent.
Local meetings and events:
The Charleston Metro Chamber of Commerce Joint Area Business Council presents an update on its local economic forecast. Speaker: Mary Graham, chamber vice president of public policy/regional advancement. 7:30-9 a.m. Daniel Island Club, 600 Island Park Drive, Daniel Island. $20. For information call 577-2510.
The Charleston Association of Insurance and Financial Advisors meets. Speaker: John Lawton Hayes II, ServiceMaster. 11:30 a.m. Sheraton North Charleston, I-26 and Montague Ave. For information call Sam Shirley at 747-7000.
The Charleston Metro Chamber of Commerce holds a Business After Hours. 5:30-7 p.m. Joseph P. Riley Jr. Park, Lockwood Drive, Charleston. For information call Diane Owens at 805-3094 or e-mail dowens@charlestonchamber.org.
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