By
The Associated Press
.
Published: Mon, August 04, 2008 - 9:03 am
Last Updated: Mon, August 04, 2008 - 9:07 am
WASHINGTON (AP) - The government says consumer spending, afteradjusting for inflation, fell in June as shoppers were hit with the
biggest increase in prices in nearly three decades.
The Commerce Department reported Monday that consumer spending
dipped by 0.2 percent in June, after removing the effects of higher
prices, the poorest showing since a similar drop in February.
The data show that higher prices reflected a big surge in
gasoline costs and helped to drive an inflation gauge tied to
consumer spending up by 0.8 percent in June, the biggest increase
since a 1 percent rise in February 1981.
The big rise in inflation ate up a part of the billions of
dollars in stimulus payments delivered during the month.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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