Inflation hits consumers hard

(01:57) Report

Jul 16 - A new report finds inflation growing at its fastest pace since 1991 thanks to high energy and food costs.

For consumers, the news was grim. Inflation is in fact soaring at a dramatic pace. For the Federal Reserve the report presents yet another challenge.

Bobbi Rebell reports from New York.

SOUNDBITES:

  • Robert Dye, Senior Economist, PNC Financial Services Group
  • Federal Reserve Chairman Ben Bernanke

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