Cost Per Keyword (CPK) Rising

While I haven't seen a huge increase in revenue myself this chart from DoubleClick shows that the Cost Per Keyword (CPK) is on the rise. Is this just cyclical are is it going to continue on this upward trend? Comparing September 2005 to September 2004 shows a good increase. It then peaked in December and took a sharp -- nearly 50% -- dive in January 3005 that continued through until the Summer of 2005. I'm not sure if this is a year over year trend or if 2005 is just an anomaly.

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