Jeremy Hobson: Later this morning, we'll find out just how high consumer prices jumped last month. And if gas and food costs are anything to go on, you can bet they jumped pretty high. Economists are expecting a 0.4 percent increase for the month of February, which would put us on track for a 3.1 percent boost for the year.
But according to economist Lance Roberts at StreetTalk Advisors in Houston --
Lance Roberts: If we start talking about the real inflation index into what the individual consumer's dealing with, we're actually looking at inflation for the average American between 4 and 5 percent.
He says that includes everything from rising insurance costs to rising college costs.
One thing that is staying the same price-wise is the iPad. The new one goes on sale today; it'll cost anywhere between $499 and $829 dollars.
Marketplace's Gregory Warner has been hanging out at the Apple store in Philadelphia this morning and he joins us live. Good morning, Gregory.
Gregory Warner: Good morning, Jeremy.
Hobson: Well tell us about the scene down there at the Apple store.
Warner: Oh it was rockin' -- yeah, all of 13 people. There were more employees preparing for the launch than customers. In fact, it was so hard that the die-hards in the line were reduced to telling war stories from previous Apple launches.
Peter Lansforth: I think last year, they had a line two blocks from here -- but that's what I heard, I wasn't here at that time. This is kind of a short line, right?
That's Peter Lansforth. He's a 4th year medical student at Penn and you can see he's a bit disappointed because you brave the drizzle, the sleepless night -- you at least want to feel like you're part of a crowd.
Hobson: Well, why bother doing any of that at all? I mean, these people can pre-order, right?
Warner: That's true, you can pre-order now. For these folks, it was all about being the first. You know, the first to touch the iPad; to own it. I actually met the first. His name is Christos Pavlides, he's going to be the first iPad owner in Philadelphia. And here's what he's going to do with it at 7:05 this morning: he's going to be make a video.
Christos Pavlides: Of opening my iPad and showing to everybody how is it.
Warner: So the first thing you're gonna do with the iPad is make a video with the iPad about you using the iPad?
Hobson: Wow, that could be a big hit, that video.
Warner: Definitely watch that.
Hobson: Marketplace's Gregory Warner, thanks.