The world is increasingly becoming a difficult place to live in. The new phenomenon is economic recession which is sending many more suffering. In the modern capitalist economy, the forces of supply and demand determine the prices of goods. The capitalist economy leaves limited room for government control of prices, paving the way for private sector control of the economy. The prices of goods and services continue to increase on a daily basis. This is further exacerbated by the worrying downturn or recession in the United States and other powerful economies in the world. The US has the biggest economy in the world but commodity prices, especially oil price, have reached a startling hike. Oil price has hit a record US$104 per barrel in the US causing huge inflation. This hike is equally affecting the prices of basic commodities in the US and other countries while, at the same time, contributing largely to a further weakening of the value of the Dollar.