Hope You Got At Least A 2.6% Raise Last Year

From Holden:

The Labor Department announces the largest one-year increase in inflation since early 2002.

Retail prices in June showed no signs of reversing their upward trend, the government reported today. Economists said the figures would make it easier for the Federal Reserve to justify further interest-rate increases.

The Labor Department said that the Consumer Price Index rose 0.2 percent in June, a more moderate pace than the 0.4 percent rise reported in May.

The overall June rise was in line with forecasts, but the closely watched “core rate” — gauging a subset of the index that excludes food and energy prices, which are prone to volatility — rose 0.3 percent in June, faster than most economists were expecting.

Compared with June 2005, the core index was 2.6 percent higher in June 2006, the biggest year-to-year jump since early 2002.