A separate report showed that higher prices and rising unemployment resulted in falling wages in March. After adjusting for inflation, average weekly earnings for nonsupervisory employees dropped 1 percent last month, compared to the same period a year ago. It was the sixth straight month that inflation-adjusted wages were down.
The Consumer Price Index report showed that energy costs jumped 1.9 percent in March, with gasoline prices up 1.3 percent and natural gas prices soaring by an even larger 4.6 percent.
Food costs rose by 0.2 percent in March, with beef prices up 0.6 percent and vegetable costs up 2 percent.
John McCain wants to put an extra 3 bucks a week in your pocket this summer by cutting the gas tax.