Needless to say, this isn’t very good:
The Labor Department said wholesale inflation, driven by skyrocketing gas and food costs, rose by 9.2 percent for the 12 months ending in June — the fastest pace since the summer of 1981, during another energy crunch.
Read the rest here.
Nor is this:
Consumer prices shot up in June at the second fastest pace in 26 years with two-thirds of the surge blamed on soaring energy prices.
The Labor Department reported that consumer prices jumped 1.1 percent last month, much worse than had been expected.
Read this story here.
And hang on…