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Recession KO’s Inflation in 2009

Publication Date: 12/17/2008
Author: Tim Grogan
Format: HTML

Inflation had its last hurrah during the first half of this year and it was quite impressive with both steel and oil prices soaring to record levels despite a subprime mortgage crisis that was destroying the housing industry. But then the Fat Lady sang and the full extent of the financial crisis started to reveal itself. With banks, insurance companies, Wall Street investment firms and the automotive industry all lining up for bailouts, commodity prices started to tumble. Oil prices fell from over $140 per barrel to less than $70. Steel prices also started to head down and economists expect them to keep falling through most of next year. Unemployment started to soar, and will undermine wage negotiations next year. To make matters worse, the problem is worldwide with Asia, Europe, the Middle East and Latin America all struggling. Demand is drying up and that is driving prices down.

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