The curse of inflation continues to haunt the US economy with the Consumer Price Index showing no change month to month, but up 8.5% in July over July 2021. Overall prices were flat through July, with falling gasoline prices skewing the picture. Core CPI, which strips out food and energy prices, climbed 5.9% annually and 0.3% on a month-to-month basis. Food prices were up for the seventh consecutive month by more than 0.9 percent, coming in with a 1.1% increase for the month. As to wages, worker earnings increased 0.5 percent in July, adjusted for inflation, real average hourly earnings actually declined by 3% from one year ago. As to the ongoing labor shortage, job openings dropped by 600,000 positions for the month of June coming in at 10.7 million with the food and beverage industry adding 41,000 jobs in June. In a press release last week, DOL Secretary Marty Walsh announced the addition of 528,000 jobs in July along with an unemployment rate that dropped to 3.5 percent.