The Consumer Price Index report for July shows inflation is up 8.5 percent from a year ago. The Labor Department released the report Wednesday, indicating inflation cooled down from 9.1 percent in June.
The data is in and it’s now confirmed that US inflation has reached a new 40-year record high. On Wednesday, the Labor Department released the Consumer Price Index (CPI) report for June, showing it increased 9.1 percent from a year ago. The CPI measures a range of prices from gas, groceries, cars and furniture to name a few.