Confirmation that it's costing more to buy your bread: Inflation is "running at the fastest pace in 17 years, which consumer prices rising 0.8% last month, twice what experts were expecting. The AP grimly reports: "It marked the third straight month of oversized inflation increases following jumps of 0.6 percent in May and 1.1 percent in June and left inflation rising by 5.6 percent over the past year, the biggest 12-month gain since January 1991." The increases were across the board, for "clothing, food, transportation and recreational products." The NY Times says that this news "suggests that a[n interest] rate increase could come sooner rather than later," because lowering interest rates might force more inflation.
Inflation Reaches 17-Year-High
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"It puts more of a burden on New York — puts more of a burden on 49 other states."
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