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The Consumer Price Index is now at levels not seen since 1991. The CPI numbers came in this morning up .8% for the month, well above expectations. On a year over year basis, inflation is running over 5.5%, a 17.5 year high.
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Here is a breakdown of the inflation benchmark to show you where costs are rising most. For July, energy prices are up a whopping 29% over one year ago. Keep in mind the July numbers do not fully reflect the recent drop in energy prices. We should see better numbers next month.
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The worse than expected economic news is overpowering the good earnings report from Wal-Mart [WMT
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] and the market has opened to the downside. Weighing on the Dow this morning on the open are Alcoa [AA
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], AT&T [T
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], ExxonMobil [XOM
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], Chevron [CVX
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], and Dupont [DD
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].
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Data is a real-time snapshot *Data is delayed at least 15 minutes