June 2008 Inflation Numbers

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.

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