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Retail prices up for May

The government today reported that retail prices were up more than expected last month. But that might not be as bad as it sounds. Your wallet might just be feeling a bit lighter these days. New government figures show that retail prices were up 0.7 percent in May when compared with April. That's the fastest monthly increase in almost two years. But economists say we shouldn't be worried about the price hikes -- most of them are coming in the prices of food and energy which tend to be volatile. According to the report retail energy prices are up more than 4.7 percent in the past year. Food prices have jumped almost four percent, too. But today's figures look back to May and the most recent measurements show gas prices falling after a big spring run-up. Today's consumer price report also shows that higher gas prices are not being passed through to the price of other items, things like clothing and technology products. The so-called core rate, which strips away food and energy prices, showed a tenth of a per cent increase in May. Wall Street traders saw that as a sign the fed wouldn't be raising rates and pushed the stock market into record territory.

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