What's the "misery index" again?  I seem to remember it being 12-month chained inflation and unemployment.  Well?

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4 percent in August on a seasonally adjusted basis, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 3.8 percent before seasonal adjustment.

But but but.... there's no inflation, right?

The index for all items less food and energy increased 0.2 percent in August, the same increase as the previous month. Shelter and apparel were the biggest contributors, though the indexes for most of its major components posted increases, including used cars and trucks, medical care, household furnishings and operations, recreation, tobacco, and personal care. The new vehicles index, unchanged for the second month in a row, was an exception.

The "but it's all energy prices and they're volatile" excuse is long in the tooth and running out of gas.  That dog won't hunt any more folks....

The energy index has risen 18.4 percent over the last year, while the food index has increased 4.6 percent.

Of course Senior Citizens who were prudent and saved don't have a problem with this, right?  After all they don't need to buy food or energy... and neither does anyone else.... right?

This doesn't disproportionately hit the lower class and working poor, does it?  I mean, food and energy aren't a disproportionate amount of their spending, are they?

Hmmmm....

There are some big numbers in the tables - of note are virtually everything food-related, up 4% or better across the board with some things such as meats and dairy up 8 and 9% respectively.  Fuel oil was up a stunning 27%, water and sewer services up nearly 5%, apparel up 4% and private transportation costs up an eye-popping 12% - with public transport costs skyrocketing as well (7.2%).

Hospitals jacked people for 6.2% more while higher education screwed you to the tune of 4.4%.

These are annualized changes (from August 2010) and put into stark relief exactly what sort of squeeze has been felt by the common person.  Everyone loves to talk about "oh it's 0.2% this month" but few will go back and look at who this hits and how hard - and how it all looks on a annualized basis.

When you look at the monthly change in these categories you find no joy either.  Monthly change on food was 0.6; annualized that's 7.4%.  Apparel was up 2.3% last month, which you better hope doesn't continue (as it's an annualized rate of change of 31%!)  Both private and public transport, thank God, did level off this last month.

In short while the inflation trend may be slowing down for the lower class and working poor the damage has already been done.

Make sure you thank Ben and Obama.