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.
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.
The worse than expected economic news is overpowering the good earnings report from Wal-Mart and the market has opened to the downside. Weighing on the Dow this morning on the open are Alcoa , AT&T , ExxonMobil , Chevron , and Dupont .
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