While we’re on the subject of inflation, here is today’s update of the Consumer Price Index for June:

The CPI is up 2.8 percent over the past year while core CPI (excluding food and energy) is up 2.2 percent. It’s starting to look like there’s finally some inflationary pressure building, though it’s hard to tell yet whether it will continue. Gasoline is up 24 percent over the past 12 months, and that might moderate or even decline if OPEC follows through on its promise to increase production in order to make up for the Iran embargo. Wait and see.