The Labor Department released economic data today showing consumer prices rose significantly in July by 0.5 percent. The rise was mostly driven by rising energy and food costs, particularly the record high prices of oil. In a separate release, the Labor Department also reported workers' earnings (adjusted for inflation) declined by 0.2 percent in July. This combination is bad news for average Americans, many of whom are struggling with mounting personal debt, living from paycheck to paycheck, and saving very little money. Not only are Americans paying more for necessities like food, heating and cooling costs, and gasoline, but they have less money with which to do so. NY Times: Fuel Costs Drive Consumer Prices Slightly Higher in July