U.S. Inflation At A Glance

Reports on inflation showed big price increases at the consumer level and the wholesale level for June, driven by higher energy and food costs.

Here are the details:

_ Consumer inflation jumped 1.1 percent in June, the second biggest monthly increase in the past quarter-century. It was exceeded only by a 1.3 percent surge in September 2005 when energy prices skyrocketed after Hurricane Katrina shut down Gulf Coast refineries. Over the past 12 months, consumer prices are up by 5 percent, the fastest increase since May 1991.

_ About two-thirds of the June increase represented higher energy costs, which rose by 6.6 percent with gasoline up by 10.1 percent.

_ Food costs rose 0.7 percent, reflecting big increases in the price of vegetables, dairy products and beef.

_ Outside of food and energy, so-called core inflation was up 0.3 percent, the biggest one-month gain since a similar rise last January. In this category, airline fares jumped 4.5 percent.

_ Wholesale prices, which reflect the cost of products before they get to the consumer level, increased by 1.8 percent in June, the biggest one-month gain in seven months. Over the past 12 months, wholesale prices have risen by 9.2 percent, the biggest increase in 27 years.

Comments

[dagnome27]

Thank you President Reagan, Bush 41 and Bush 43 -
you guys REALLY know how to stimulate an economy!
NOT

[Pdubya]

in case you haven't noticed, we have a "democrat" controlled congress. that said, the removes no complicity from the neocons either. we do not have a representative republic. we have a plutocratic corporatist state - fascism.

educate america!

http://www.youtube.com/watch?v=vGJBOtUheQ0

www.campaignforliberty.com

www.freedomslate08.com

www.dvds4delegates.com

peace!

[MetalCanuck]

We need to stop printing money now. Period. This is responsible for most of the pain now. You need to buy gold or silver.

[RTIII]

People should realize the role the devaluation of the dollar is playing with regard to inflation.

Also, we would have a lot less of a problem, even with a devalued dollar, if we were spending it in our own economy. But the "service economy" sold you primarily by Reagan, Bush I (and admittedly continued under Clinton) doesn't make anything for you to buy - just provides services. So when you need a refrigerator, TV, etc, most of the time it's from abroad, taking money OUT of our economy. And with Americans being too high-priced (as compared with Indians, for example), our "services" aren't really bought abroad very much either.

Is if that's not enough, unemployment is vastly higher than reported because they only count people eligible for government services...
.

[Rule Of Law]

No New Taxes!!!

Read my lips!

Of course I never said anything about the price of everything skyrocketing while your wages go all to poop...Oh well. Suckers.

[KillTheMessenger]

Well said!

[Veri]

Really, have I put you two in my favorites yet?

[MilwaukeeDan]

Something I have been harping about here on Huffpo for years. I pay the bills, over the last 10 years, just about everything has doubled in price, my wages, just about stagnant. Your standard of living is slowly being eroded in front of your eyes. The govenment also fudges the numbers in their favor, they lie about everything else, anyway.

[WIpatriot]

SSDD, Dan.

Good news! Got my stimulus check this week, bought a freezer and filled it up! Gone....but at least I got them a a good price, before the price go up even more...LOL.

[leduck]

yep inflation
what would anyone expect when more money is spent on energy

[biwee]

Well, actually, inflation is NOT just rising prices, whether the money is spent on energy, or toilet paper. Inflation is the RESULT of TOO MUCH MONEY chasing too little in the way of goods and services.......or, some say just too much money. The easy money philosophy of Alan GreenSPAM and Helicopter Ben Bernanke has cranked out so many dollars that the world is awash in dollars.
This easy money policy first bailed out the crooks on Wall st after the dot.com bust in Mar of 2000.
Now, the easy money policy is to bail out the crooks on Watt St who created the subprime/SIV scam. The very rich get bailed out by the FED. Everyone else suffers from a decline in their purchasing power. Wake UP, America, you have been scammed.

[Shortyfuse]

Please, please call your Republican and Blue Dog (spit) Congressmen and Senators and get them to support the bill the Democrats are trying to pass to get all oil drill in America is used in America and the the oil companies use or lose leases.

[leduck]

I'm a democrat
as a democrat I would have to say..., this is either politics or sheer stupidity
not all of this land owned or leased by oil companies has oil
and the dems should stop using that as an issue
using a lie to base you policy on just doesn't seem like a good long term strategy

not all leased land has oil
in order to even start drilling dry holes, certain questions should be answerd:
is there a reverese fault, anticline or salt dome (doesn't need to be visible on the surface)
is there source rock that has been through the oil window?
is there reserve rock and an oil cap that doesn't leak
is this heavy oil? low flow rate
light sweet crude?
what percentage of oil is recoverable and is it economic to recover?

if these conditions aren't meet, then you may be dealing with uselessland
in which case, unless there are other minerals that could be recovered, oil companies wouldn't care if dems took that land

as a dem, it pains me to see the use geology for political gain
let the republicans act stupid with drill here drill now
why should the dems follow suit?

[Rule Of Law]

Absolutely Right On! If it's coming out of our ground right now, it should freakin' well stay here! And if we were smart we'd buy more from Canada, Mexico, and Columbia, too. At least keep our money in this hemishpere.

[jozap]

These numbers from the gov are so bogus.

Pres Clinton changed the way inflation was figured to lower social security payments. The numbers, before the changes, would be about 12 to 14 percent inflation.

[KillTheMessenger]

President Clinton was smart. sarcasm off

[WIpatriot]

Triangulator.