Inflation Hits Annual Pace Not Seen Since 1991
Justin Lane/European Pressphoto Agency
Increases in food prices helped push inflation in July to the highest annual rate in 17 years.
By MICHAEL M. GRYNBAUM
Published: August 14, 2008
Inflation reached a 17-year high last month, fueled by high gasoline and food prices, all but assuring that the Federal Reserve will keep interest rates on hold for the time being.