Getting sticker shock at the gas pump or grocery store? There’s a reason for that. Newly released data shows that prices for consumer goods are continuing to creep up almost across the board.

Prices in July were 5.4% higher than they were last summer, according to the Consumer Price Index report published Wednesday by the Bureau of Labor Statistics (BLS). That’s higher than the 2% inflation rate the Federal Reserve says is its long-term target, and Americans are feeling it.

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Rick Epple, CFP(r), CeFT (r)