Here are some stats for the June 2008 inflation numbers:

Consumer Price Index:

• up 1.1% in June '08
• up 0.6% in May '08
• predictions were for a 0.7% increase

Over the last year the Price Index is up 5.0%

• this level isn't seen since 1993

Core CPI (doesn't include energy and food price increases):

• rose 0.3%
• predictions were for a rise of 0.2%
• the 12 month rise is 2.4%

Specific areas of inflation:

• Energy - 6.6% (including the 10.1% for gasoline)
• Fruits and Vegetables - 2.8%
• Dairy - 1.6%
• Grocery overall - 6.1% for the month and 10.4% year over year

Hourly wage is up 3.4% year over year. So Americans are seeing their buying power diminish.

Notes:
The cost of gasoline has an immersion effect on the price of everything else because very little is solely produced locally.
Hourly wage is up 3.4% year over year. So Americans are seeing their buying power diminish.
The rebound from the recession in the early 2000s was considered a wageless recovery because much of the benefits of the rebound was poored into dividends or executive pay. This potentially fueled the housing bubble.