Gas prices begin climb toward $4.50 a gallon, experts say

Gas prices could hit $4.50 a gallon nationwide by summer because of sanctions on Iran, a frigid winter in Europe, and logistical challenges in the US. The current all-time high is $4.11.

Christian Science Monitor

New York

Many drivers are already grumbling at gas prices this winter. But by this summer, Friday's AAA average of $3.58 a gallon for regular gasoline may look downright attractive.

Some energy analysts think gasoline on a national basis could climb into the $4.50 a gallon range. That would be above the all-time peak of $4.11 a gallon set on July 14, 2008. In some states such as California, Hawaii, and Alaska, prices are normally higher and could get closer to $5 a gallon.

“We are on track for a very expensive summer,” says Sander Cohan, a gasoline-market analyst and principal at Energy Security Analysis, Inc. in Wakefield, Mass...[Full Article]

Gas prices are highest ever for this time of year

NEW YORK (AP) -- Gasoline prices have never been higher this time of the year.

At $3.53 a gallon, prices are already up 25 cents since Jan. 1. And experts say they could reach a record $4.25 a gallon by late April.

"You're going to see a lot more staycations this year," says Michael Lynch, president of Strategic Energy & Economic Research. "When the price gets anywhere near $4, you really see people react...[Full Article]

Smucker Raising Prices on Jif

Wall Street Journal

NEW YORK—J.M. Smucker Co. is raising prices on Jif peanut butter products 30% starting in November due to a weak peanut crop that has sent costs higher, President and Chief Operating Officer Vince Byrd said Wednesday.

The company will also raise prices 4% on its namesake fruit spreads in November.

The sharp increase in peanut butter prices comes as Smucker finds itself facing yet another weak peanut crop.

"The 2011 crop is ... being challenged due to poor weather conditions," Mr. Byrd said at a Barclays Capital consumer conference. "Our peanut costs will be significantly higher."...[Full Article]

Beef prices soar

CNN Money

NEW YORK (CNNMoney) -- If you're already shocked by how much your favorite cut of beef costs at the supermarket, brace yourself because prices will keep going up.

Surging commodity prices already have consumers paying more for groceries such as eggs, milk, cereal and meat. The price of beef in particular has shot through the roof.

In February, the average retail price per pound for beef was $3.87, up 12.4% versus a year ago, according to market research firm FreshLook Data...[Full Article]

Libya attacks spark oil price surge

Financial Times

Global oil prices rose sharply on Monday after the initial round of western bombing against Libya was met by Libyan leader Muammer Gaddafi’s promise of a “long, drawn-out war”, which traders fear will keep the north African nation’s oil from the market.

Libya is one of the world’s largest oil exporters and a member of the Opec oil producers’ cartel. Production has already dropped to a trickle, down from a pre-crisis level of 1.58m barrels a day, according to the International Energy Agency, the watchdog...[Full Article]

Motorist dials 9-1-1 over rising gas prices

The complaints that the St. John the Baptist Parish Sheriff's Office receives on a daily basis run the gamut from the mundane loud barking dog to the routine reports of speeders, to the make-you-shake-your head-and-say-what? calls about "my child is refusing to go to school."

But the call that came through on Thursday caught even veteran law enforcement officials off guard and perhaps created a new category: Way out of the ordinary.

But it also may be a sign of the times.

At 2 p.m. on Thursday, the St. John 9-1-1 emergency call center received a report from a motorist who became irate when, he said, a local gas station increased the price of the fuel - while he was filling up his truck.

The unidentified motorist told authorities that when he first pulled into the station at Birdie's Food and Fuel, located at 901 East Airline Highway in LaPlace, the price on the pump read $3.049 per gallon. But, while he was pumping, the price shot up to $3.189. The motorist confronted the station attendant but got no satisfaction, so he dialed 9-1-1...

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Companies concerned about rising fuel costs

Companies around the world have begun to warn about the impact of higher fuel costs on their businesses, raising fears about profits and inflation.

Companies in the most energy-intensive sectors, such as airlines, have been the first to raise the alarm, but analysts warned that a sustained period of high oil prices would have a widespread effect on earnings...

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Clothing Prices to Rise 10% Starting in Spring

CNBC

The era of falling clothing prices is ending. Clothing prices have dropped for a decade as tame inflation and cheap overseas labor helped hold down costs.

Retailers and clothing makers cut frills and experimented with fabric blends to cut prices during the recession. But as the world economy recovers and demand for goods rises, a surge in labor and raw materials costs is squeezing retailers and manufacturers who have run out of ways to pare costs.

Cotton has more than doubled in price over the past year, hitting all-time highs. The price of other synthetic fabrics has jumped roughly 50 percent as demand for alternatives and blends has risen.

Clothing prices are expected to rise about 10 percent in coming months, with the biggest increases coming in the second half of the year, said Burt Flickinger III president of Strategic Resource Group...

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World food prices hit record high: UN agency

Breitbart

World food prices reached their highest level ever recorded in January and are set to keep rising for months, the UN food agency said on Thursday, warning that the hardest-hit countries could face turmoil.

Rising food prices have been cited among the driving forces behind recent popular revolts in north Africa, including the uprising in Egypt and the toppling of Tunisia's long-time president Zine El Abidine Ben Ali.

And in its latest survey, the Food and Agriculture Organisation said its index which monitors monthly price changes for a variety of staples averaged 231 points in January -- the highest level since records began in 1990.

"The new figures clearly show that the upward pressure on world food prices is not abating. These high prices are likely to persist in the months to come," FAO economist and grains expert Abdolreza Abbassian said in a statement...

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