Well, that was ugly. Inflation in June roared to its highest mark to date this year, rising 1.3% for the month and 9.1% over the last 12 months. This means greater declines in real wages and more Federal Reserve tightening that is likely to hit asset prices. No wonder Americans are in a sour mood.

The price increases were “broad-based,” as the Bureau of Labor Statistics (BLS) put it, especially for food and energy. The price index for food at home rose 1% for the month, the sixth month in a row of 1% or more and 12.2% for the last year. Energy prices rose 7.5% in the month, led by an increase in gasoline prices, as every American who has filled a gas tank knows.