Inflation Rate Grows, Driven By Energy, Food Costs The Department of Labor says inflation is growing at the fastest rate in 17 years. The Consumer Price Index was up about 5.5 percent from a year ago. Energy and food prices drove the increase in July. With oil prices falling, inflation could slow in August, but the pain may linger.
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Inflation Rate Grows, Driven By Energy, Food Costs

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Inflation Rate Grows, Driven By Energy, Food Costs

Inflation Rate Grows, Driven By Energy, Food Costs

Inflation Rate Grows, Driven By Energy, Food Costs

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  • <iframe src="https://www.npr.org/player/embed/93619400/93619363" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript

The Department of Labor says inflation is growing at the fastest rate in 17 years. The Consumer Price Index was up about 5.5 percent from a year ago. Energy and food prices drove the increase in July. With oil prices falling, inflation could slow in August, but the pain may linger.

RENEE MONTAGNE, host:

NPR's business news starts with a troubling report on inflation.

The Department of Labor says that inflation is growing at the fastest rate in 17 years. The consumer price index was up about 5.5 percent from a year ago. What drove the increase in July were energy and food prices.

With oil prices falling, inflation could slow in August, but the pain may linger. Wages aren't keeping pace with prices. When you take inflation into account, rank-and-file workers are earning 3 percent less than they were a year ago.

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