Inflation hits 6-year high, wiping out wage gains for the average American

Source: Heather Long, Washington Post (Paid Registration)

Prices rose at their highest clip since 2012 over the past year, the Labor Department reported late last week.

The 2.9 percent inflation for the twelve-month period ending in June is a sign of a growing economy, but it’s also a painful development for workers, whose tepid wage gains have failed to keep pace with the rising prices.

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