Yeah..I think most people I know, and myself, coulda told you this.
From the The New York Times:
Consumers spent more in June, but only because the things they bought cost more.
Driven primarily by energy and food prices, inflation grew 0.8 percent over May, the biggest monthly increase since September 2005, the Bureau of Economic Analysis reported on Monday. Spending, by comparison, grew just 0.6 percent in June.
“Inflation is intensifying, and that is the main source of weakness in consumer spending,” said Dean Maki, chief United States economist at Barclays.
High food and energy prices continue to drive overall prices. Without food and energy, core inflation grew at a more modest 0.3 percent over May. The prices of nondurable goods — the most current measure of food and energy prices kept by the bureau, adding in items like clothing — recorded the biggest year-over-year increase since July 1981.
And here is the rest of it.