US prices rose by 5.6% in the year to July, the fastest inflation rate for more than 17 years, figures show. EU Calls on Germany to Explain East European Job Block ...
US retail sales in surprise climb ...
The rate of inflation was much greater than economists had predicted, driven higher by the 30% increase in energy prices during the period.
Food costs were 6% higher than a year earlier, the figures showed.
The price rises are squeezing consumers further. Average weekly earnings fell by 3.1% in July compared with a year earlier, the Labor Department said.
(BBC)
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