Energy prices rose 6.1 percent last month, showing the largest jump since February 2003, after decreasing 5 percent in October. The price of gasoline surged 17.9 percent, the biggest rise since June 2000, and natural gas costs rose 5.9 percent.
"The index is up largely because of surging energy prices,'' said Jason Schenker, an economist at Wachovia Corp. in Charlotte, North Carolina. "The gains in November followed sharp declines in September and October. This is a backward-looking index and doesn't give us an idea of what prices will do in the future.''
Homeowners who are concerned over rising costs need to ready their homes for winter temperatures now as cold fronts threaten much of North America and heavy snowfall s continues the Great Plains region.
Holiday travel is also expected to cost consumers more than they would like as the national average for a gallon of gasoline is still hovering around $2.30. Holiday travelers can take advantage of simple gas saving tips to lessen the financial load of hitting the roads this year.
"The index is up largely because of surging energy prices,'' said Jason Schenker, an economist at Wachovia Corp. in Charlotte, North Carolina. "The gains in November followed sharp declines in September and October. This is a backward-looking index and doesn't give us an idea of what prices will do in the future.''
Homeowners who are concerned over rising costs need to ready their homes for winter temperatures now as cold fronts threaten much of North America and heavy snowfall s continues the Great Plains region.
Holiday travel is also expected to cost consumers more than they would like as the national average for a gallon of gasoline is still hovering around $2.30. Holiday travelers can take advantage of simple gas saving tips to lessen the financial load of hitting the roads this year.
Comments
Comments are closed for this post.