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The average round-trip U.S. airfare was $372 in the third quarter, the cheapest price for a ticket since 2010, the federal government said Tuesday. The price was down 6.2 percent from the same period in 2014, according to the Transportation Department’s Bureau of Transportation Statistics. Airlines have been passing along some of their fuel cost savings…

Photo: Airplanes are seen parked on the tarmac at the international airport of Santiago, Chile December 17,  2015.  REUTERS/Carlos Vera 

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For a long time, inflation has been the phantom of the American economy: often expected but never seen. But the latest Consumer Price Index, which showed that prices rose by five percent from May of last year to May of this year, raises fears that it is breaking down the front door and taking over the guest room.

The price jump was the biggest one-month increase since 2008. It appears to support the warning of former Treasury Secretary Larry Summers, who wrote in February that President Joe Biden's budget binge could "set off inflationary pressures of a kind we have not seen in a generation." Senate Republican leader Mitch McConnell charged last month that the administration has already produced "raging inflation."

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