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In this paper we examine how increases in intertemporal price uncertainty affect the welfare of a consumer. In the preference structure of the consumer the coefficient of relative risk aversion and the elasticity of intertemporal substitution (EIS) are parametrically independent. We find that under some circumstances, including configurations where parameter values are consistent with much of the empirical literature, for each given degree of risk aversion an increase in price uncertainty reduces consumer welfare if the EIS is lower than a corresponding threshold value. We also find that when saving rates are sensitive to the EIS then there are important counterexamples to this intuitive case