Update On Inflation

This morning, the Commerce Department announced that for the month of June, the consumer-price index rose at a seasonally adjusted 0.5% rate. On an annualized basis our current inflation rate is 1.8% which has remained fairly steady for the last three quarters. Gasoline prices, however, rose sharply at a 6.3% annualized rate. I need to point out that gasoline prices are significantly more volatile than the base and tend to experience an upturn during the summer months. While the overall rate...