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Last week, you might have read about the stagnation of wages. If you didn't, here's Felix Salmon: There's no good news in today's data from the Census bureau. Unless you're the kind of person who worries about inflation, that is: in that case you're probably reassured that real median household income fell 3.6% between 2007 and 2008, from $52,163 to $50,303. That's a drop of over $1,800: real money. David Leonhardt puts this in a broader context: The typical American household made less money last year than the typical household made a full decade ago. To me, that's the big news from the…

By way of archcrone (via skippy), I came across this McClatchy article which discusses the massive inflation in food prices: The Labor Department's most recent inflation data showed that U.S. food prices rose by 4.1 percent for the 12 months ending in June, but a deeper look at the numbers reveals that the price of milk, eggs and other essentials in the American diet are actually rising by double digits. Already stung by a two-year rise in gasoline prices, American consumers now face sharply higher prices for foods they can't do without. This little-known fact may go a long way to explaining…