The Treasury reported this week that Series I Savings Bond investments in July totalled $297.1 million, about 67% of the month's total Savings Bond investments of $444.8 million. Series EE accounted for the rest of the sales, at about $147.6 million. And the Bureau of Labor Statistics has announced that inflation for the period from March through July ran at an annual rate of 3.26%, down slightly from the 3.58% September 04-March 05 rate. I bonds earn a combination of a fixed rate set when the bond is issued and the current inflation rate. For the first six months, I bonds purchased today pay 4.80%, based on a 1.2% fixed rate and the 3.58% Sep-Mar inflation rate. For the October to September fiscal year, the projection for total Savings Bond investments is currently below the previous year and significantly below the two years before that. These four years, however, are all higher than earlier years going back to when I bonds were introduced in 1999. Savings Bond Alert readers can see an online updated monthly sales chart at Book Note 2-1.