Consumer prices up 2.9%, leaving Americans worse off

The Labor Department said Friday that the consumer price index ticked up 0.2 percent in July. Annual inflation matched the 2.9 percent pace from June, which had been the highest level since February 2012. Core prices, which exclude the volatile food and energy categories, rose 0.2 percent in June and 2.4 percent from a year earlier. Core prices have risen at the fastest annual pace since September 2008.

Adjusted for inflation, average weekly earnings have fallen 0.1 percent in the past 12 months. Read more at The Associated Press website.