The Wake Up Project

Despite American consumers being hard hit by rising gas and grocery prices, federal regulators continue to insist the country need not fear inflation. Gas prices, which rose nearly 6 percent in March alone, are now almost 28 percent higher than they were a year ago, according to figures from the Bureau of Labor Statistics released Friday. Overall, the Consumer Price Index, a closely-watched measure of inflation, rose 0.5 percent in March, the Labor Department reported. The Consumer Price Index tracks changes in the cost of a virtual basket of goods for consumers in cities across the country. Rising food and gas prices accounted for almost three quarters of the March CPI increase. Those findings are in line with economists' expectations. Still, the Federal Reserve has no plans to combat inflation by raising interest rates; many economists argue that higher food and energy prices do not necessarily trigger overall price increases for goods and services. "Prices for energy are ce...

Iran's President Mahmoud Ahmadinejad has ordered the replacement of the US dollar by the euro in calculating the value of the country's Oil Stabilisation Fund (OSF). The edict, issued on Sept 12, follows a recommendation by the trustees of the country's foreign reserves, Iran's English-language daily The Tehran Times said on Monday, citing Iran's semi-official Mehr News Agency. The move was taken because the government wishes to protect itself from the fragility of the US economy and the weak dollar. The OSF, which forms part of Iran’s foreign exchange reserves, is a contingency fund set aside to cushion the economy against fluctuating international oil prices. It is also used to help both the public and private sectors with their hard currency needs by extending loans. Press TV meanwhile reported that following the switch the interest rate for facilities provided from the foreign exchange reserves is to be cut to 5 percent from 12 percent. Since its introduction in...