According to today's BLS report, inflation in the US formally declined and amounted to "only" 8.5% in July versus 9.1% in June.

Parts of economy are now struggling to survive, and are trying to keep prices down, hoping that competitors will die first (which keeps inflation in check), while the other part is tied to the cost of resources and follows them. In general, everything is very uneven, and therefore the detailing is interesting.

If inflation in the service sector remains below headline inflation (6.25%), i.e. so far it is holding it back (at the expense, obviously, of the wages of the unfortunate workers in the sector), but at the same time, albeit slowly, it has been growing for 11 months in a row, and has now reached its maximum level since 1982.

It is curious that in certain segments of the service sector, prices are rising much faster than general inflation:

• health insurance: +20.6% per year
• shipping: +14.0%
• air travel: +27.7%

In terms of product group, the champion, of course, is energy:

• gasoline: +44.0% per year
• gas: +30.5%
• electricity: +15.2%

But many other product groups also entered double-digit figures:

• food at home : +13.1% per year and this is a record since 1979
• cereals and grain products: +15%
• bird: +16.6%
• eggs: +38%
• milk: +14.9%
• juices: +12.9%
• fats and oils: +20.8%
• children's snack: +15%

The cost of new housing increased by 19.7% over the year, new cars by 10.4%, furniture by 10.8%.