Inflation on the rise: higher prices are weighing on wallets — but making some bigger

Bringing home the bacon... correction: the 8% more expensive bacon. Consumer prices jumped 5.4% in June from last year, continuing to accelerate at the fastest pace since 2008. As the US economy gets more #flated, the BLS' monthly Consumer Price Index has been getting attention. The CPI measures prices of 80K common items — sounds like a snooze fest, reads like a thriller. A few gems from prices compared to a year ago:

• Women’s dresses were 16% pricier. Men's pants and shorts: +11%
• Indoor plants and flowers were up a succulent 5%
• Hotel prices jumped 17%. Car and truck rentals: +88%
• Candy and gum: +3%. Liquor at restaurants: a hard +5%
• Pet services: +5%. Your dog walker isn't complaining.

Get meta with it... Many economists believe that inflation fears are, in themselves, inflated. Fed Chairman Jerome Powell expects this inflation could be a one-time price increase as the economy rebounds (#tempflation). Supply chain and labor shortages have been driving up prices of raw materials and goods. A few examples:

• Cars: The global chip shortage caused a spike in used car and truck prices (+45%), which are responsible for a whopping one-third of the overall CPI increase.
• Flights: Airlines are dealing with a shortage of pilots and workers while demand is rebounding, leading to pricier flights (+25%).