CPI was much higher than expected raising the fear of inflation.  The food and energy components were the components that were the highest values and most unexpected.  We have been saying since early 2007 that high energy would impact inflation eventually.

The stock market futures were declining drastically in early trading on fears that higher inflation would cause the Federal Reserve to halt interest rate cuts, not to mention what higher inflation would mean to the economy as a whole (decreased consumer demand).

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