Girding for Higher Food and Fuel Prices

WASHINGTON — A spike in gas prices drove a measure of U.S. consumer costs up in February by the most in more than three years. But outside the gain in fuel costs, inflation was mostly modest. The consumer price index increased a seasonally adjusted 0.7 percent last month from January, the Labor Department said Friday. It was the biggest monthly rise since June 2009. Still, three-fourths of the increase in the index reflected a 9.1 percent surge in gas prices. That was also the largest monthly gain since June 2009. Gas prices had fallen in the previous four months.

WASHINGTON — A spike in gas prices drove a measure of U.S. consumer costs up in February by the most in more than three years. But outside the gain in fuel costs, inflation was mostly modest. The consumer price index increased a seasonally adjusted 0.7 percent last month from January, the Labor Department said Friday. It was the biggest monthly rise since June 2009. Still, three-fourths of the increase in the index reflected a 9.1 percent surge in gas prices. That was also the largest monthly gain since June 2009. Gas prices had fallen in the previous four months.

“Cheaper gas prices” probably wasn’t tops on many holiday wish lists. But relief at the pump could represent a holiday dream come true: As families save money on gas, the budget will be freed up to purchase more presents. It has been quite an up-and-down year for gas prices—mostly up, considering that 2012 will go down as the most expensive year ever for gasoline.

By Cameron Kaine:Investors have become very familiar with the fact that when consumers spend more at the pump, it takes away from other forms of discretionary spending as household budgets are forced to adjust. Gasoline prices are already at a national average of $3.50 per gallon. This has been the highest level ever to start the year. Also, analysts say the average price could again flirt with $4 per gallon by the spring.

The current national average for a gallon of regular gasoline is $3.30. Drivers shouldn’t expect prices to get cheaper at any point in 2013. That’s according to the analysts at GasBuddy, who have just released a forecast for gas prices throughout 2013, which include month-by-month projections. The predictions call for an average price of $3.29 throughout January, followed by a gradual run-up to the year’s highest prices come springtime.

The current national average for a gallon of regular gasoline is $3.30. Drivers shouldn’t expect prices to get cheaper at any point in 2013. That’s according to the analysts at GasBuddy, who have just released a forecast for gas prices throughout 2013, which include month-by-month projections. The predictions call for an average price of $3.29 throughout January, followed by a gradual run-up to the year’s highest prices come springtime.

Highest Gas Price Recorded in March An ABC consumer report shows Highest Gas Price Recorded in March The average price of a gallon of regular is now $3.87, the highest recorded price in March. The average price is up nearly 4 cents from a week ago, and over 30 cents from a year ago, according to the Department of Energy, as more drivers face gas prices of $4 a gallon or more across the country.

By James Picerno: Gasoline prices are on the march once again, reaching an average price of $3.52 a gallon in the U.S. for the week of February 13, according to the Energy Information Administration. Prices have been advancing steadily since mid-December and are now at the highest level since last September. Some analysts predict that we'll see $4-a-gallon soon as a national average.