The collateral damage of the pandemic recovery has been higher prices. And the inflation spike is not going away anytime soon.
The pace of inflation in consumer prices slowed a bit in July, but it remained high.
Consumer prices increased 4.3% in the 12 months ended July after excluding volatile foods and energy items. This is slightly less than the June increase. Overall, prices rose 5.4% over the period, flat compared with June, the Bureau of Labor Statistics reported Wednesday.
Adjusted for seasonal swings and prices increased 0.5% overall and 0.3% when you exclude food and energy items. This represents a slowdown in both the economic and financial fronts.