Why Doesn't Your Paycheck Go as Far Anymore? On Thursday, the Labor Department reported that consumer prices rose in June at their fastest pace in over six years. Federal data also shows that the consumer price index has gone up by 0.1%. Inflation is up 2.9%. Housing prices have risen 2.3% in the last year. The Federal minimum wage is $7.25, while wages overall have stagnated or decreased. Andrew Hunter, U.S. economist, to CBS Andrew Hunter, U.S. economist, to CBS