Core Inflation Stands at 29-Year High, Rises Faster Than Wages WASHINGTON—Consumer prices continue to rise at the fastest pace in decades, prompting critics to argue that the Biden administration’s policies are “overheating” the economy. Inflation is also wiping out gains of workers as consumer prices are rising faster than wages, according to President Barack Obama’s top economists. The consumer price index (CPI) rose 0.9 percent last month, the largest gain since June 2008. In the 12 months through June, inflation was up 5.4 percent. Core inflation, which excludes the volatile food and energy components, was also up 4.5 percent over the past year, standing at a 29-year high. Core CPI in June rose 0.88 percent, more than double the consensus estimate of 0.4 percent.