The Consumer Price Index rose 0.1 percent in July from a month earlier, the Labor Department reported Wednesday, and 3.4 percent from the previous year on a seasonally adjusted basis. Stripping out volatile food and energy prices, prices rose 2.5 percent over the year.
– Lydia DePillis writing for the New York Times
Yes, inflation overall has eased but several big items that affect everyone’s budget is way, way up year over year. How about: Gasoline (all types) +24.6%, electricity +4.2%, fruit & vegetables +5.1%, airline fares +25.5%, motor vehicle maintenance & repair +6.6%. [Headlines and graphic from The New York Times]Wage growth has fallen below inflation again, and nobody has to tell workers that commute by car that they are paying a lot more for gas. They know the pain at the pump all too well. [Graphic from The New York Times]
