In June, Federal Reserve Chair Janet Yellen raised millions of eyebrows when she told Congress that U.S. inflation is not really rising, it's just "noisy."
A month before, in May, the Bureau of Labor Statistics had reported a seasonally adjusted one-month change of 0.7% in the cost of "food at home."
Two measures of household inflation are in the faces of Americans – the shopping basket cost at the grocery store (i.e., "food at home") and the price of gasoline at the pump, which also increased by 0.7% in May.
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