RENEE MONTAGNE, host: NPR's business news starts with a troubling report on inflation.</s>RENEE MONTAGNE, host: The Department of Labor says that inflation is growing at the fastest rate in 17 years. The consumer price index was up about 5.5 percent from a year ago. What drove the increase in July were energy and food prices.</s>RENEE MONTAGNE, host: With oil prices falling, inflation could slow in August, but the pain may linger. Wages aren't keeping pace with prices. When you take inflation into account, rank-and-file workers are earning 3 percent less than they were a year ago.
The Department of Labor says inflation is growing at the fastest rate in 17 years. The Consumer Price Index was up about 5.5 percent from a year ago. Energy and food prices drove the increase in July. With oil prices falling, inflation could slow in August, but the pain may linger.