The consumer price index (CPI), which measures a variety of goods and services, rose 8.5% over the last 12 months representing the highest inflation rate since the Reagan Administration in the early 1980’s. Core inflation rose only 0.3% month-over-month, which was below the 0.5% estimate; indicating that perhaps the worst of the price spikes may be subsiding a bit. However, wages only rose 5.6% over the same 12-month time frame, running well behind the 8.5% inflation rate.