(July 16, 2008)--Consumer prices rose in June at the fastest pace in 26 years.
Two-thirds of the surge is attributed to soaring energy prices.
The Labor Department reports that consumer prices jumped 1.1 percent last month, much worse than had been expected.
Energy prices rocketed upward by 6.6 percent, which reflects big hikes in the price of gasoline, home heating oil and natural gas.
The big increase in prices cut deeply into consumers' earning power.
Average weekly wages, after adjusting for inflation, dropped by 0.9 percent in June, the biggest monthly decline since 1984.
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