The price of an education isnt the only thing going up. Anyone whos been to a supermarket or a gas station lately can attest to that. But while it costs more to educate your kids, buy milk for them and keep the gas tank full to take them to school, its likely your paycheck has not kept pace. The latest U.S. Labor Department statistics show that average hourly wages have been flat for four of the last five months.
Here to discuss the lack of wage growth is NPRs senior business editor Marilyn Geewax.
Good to see you again, Marilyn.
MARILYN GEEWAX: Hi, Liane.
HANSEN: Marilyn, we havent seen much inflation in the last few years. Are we seeing it now?
GEEWAX: So far this year, yes. Weve seen a lot of inflation. Over the last three months, consumer prices have been rising at a rate of 5.6 percent. Thats an annual rate but its a lot.
Theres a pretty heated debate among economists over whether or not the pace is just a temporary blip or this is a long-term trend. Last week, Federal Reserve Chairman Ben Bernanke, he said that he thinks this recent surge in prices is, quote, transitory, and that itll go away soon.
But in Europe, the central bankers took exactly the opposite position. On Thursday, they raised interest rates in an attempt to slow down economic growth in Europe. They want to cool consumer demand enough to hold down the price pressure.
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