One more reason not to lose sleep over the rise in oil prices is that, unlike the rises in the 1970s, it has not occurred against the background of general commodity price inflation and global excess demand.
But wage growth has been a consistent challenge for the economy and 49 percent of the Americans surveyed said the cost of living is rising faster than their families incomes.
Government says its producer price index as the cost of goods and services before they reached consumers rose by the biggest advance in 7 months in April, up 0.7%.
The government says this November the average amount of money Americans made per hour was 4.8 percent higher than it was a year ago, but prices have increased too.