Phantoms are frequently used in medical imaging systems to test hardware, reconstruction algorithms, and the interpretation of data. This report describes and characterizes the use of powdered graphite as a means of adding a significant reactive component or permittivity to useful phantom media for electrical impedance imaging. The phantom materials produced have usable complex admittivity at the electrical impedance tomography (EIT) frequencies from a few kilohertz to 1 MHz, as measured by our EIT system (ACT4) and by a commercial bioimpedance analyzer (BIS 4000, Xitron). We have also studied a commercial ultrasound coupling gel, which is highly electrically conductive and semisolid but that permits objects to move within it. The mixture of agar-graphite and gel-graphite, increases in permittivity and conductivity are proportional to the graphite concentration. We also report the use of a porous polymer membrane to simulate skin. A thin layer of this membrane increased resistance and the characteristic frequency of the phantoms, providing a promising candidate to simulate the effect of skin and the layered structure of a breast or other anatomical structure. The graphite also provides a realistic level of "speckle" in ultrasound images of the phantom, which may be useful in developing dual-mode imaging systems with ultrasound and the EIT.