Current:Home > InvestThe Daily Money: Inflation eased in July-InfoLens
The Daily Money: Inflation eased in July
View Date:2024-12-23 15:44:00
Good morning! It’s Daniel de Visé with your Daily Money.
Consumer prices rose a modest 2.9% in the 12 months through July, the Labor Department reported Wednesday in its consumer price index, an annual rate that suggests the historic inflation surge of 2022 continues to ease.
The annual inflation rate hadn't dipped below 3% since March 2021. Inflation has gently declined this summer, following a brief spike in the spring.
On a monthly basis, prices rose 0.2%. Food prices were up 2.2% on the year. Energy prices were up 1.1%, and gasoline prices were down. Much larger price gains came in transportation services and shelter.
What does that mean for interest rates?
Housing costs are still rising
Mitchell and Kathryn Cox, mid-twenties professionals in Savannah, Georgia, thought that they’d entered the rental market “at the worst time possible,” with skyrocketing prices pushing their monthly cost up more than 50% higher than friends and relatives who’d gotten into leases just a few years earlier.
Then, the Coxes started to house-hunt. After months of searching, the couple bought a home that was smaller than what they'd hoped for, Andrea Riquier reports.
Around the country, high housing costs are turning a normal rite of passage for a young couple into a game of grit and chance. Despite the dip in inflation, shelter costs are 5.1% higher than a year ago, according to the July report.
Where is the housing market headed?
📰 More stories you shouldn't miss 📰
- Social Security COLA estimate dips
- Cuban singer Celia Cruz is on a quarter
- Streaming prices rising. . .
- . . . Are streaming bundles still worth it?
- Protecting your 401(k) in a recession
🍔 Today's Menu 🍔
Food company Mars Inc. announced on Wednesday that it has agreed to acquire Kellanova, a global giant in snack, cereal, and noodle manufacturing, in a whopping $35.9 billion deal.
The family-owned company, home to Snickers, Skittles, and M&M's, will pay $83.50 per share in an all-cash deal for Kellanova, maker of Pringles. Other notable brands under the Kellanova umbrella include Eggo, Cheez-It, Club Crackers, and Pop-Tarts.
The deal comes as some snack foods are hurting for sales.
About The Daily Money
Each weekday, The Daily Money delivers the best consumer and financial news from USA TODAY, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you.
Daniel de Visé covers personal finance for USA Today.
veryGood! (7757)
Related
- Martin Scorsese on faith in filmmaking, ‘The Saints’ and what his next movie might be
- House of the Dragon Season 3's Latest Update Will Give Hope to Critics of the Controversial Finale
- Stocks inch up in erratic trading as investors remain nervous
- 2024 Olympics: Tennis Couple's Emotional Gold Medal Win Days After Breaking Up Has Internet in Shambles
- 2 dead in explosion at Kentucky factory that also damaged surrounding neighborhood
- E! Exclusive Deal: Score 21% off a Relaxing Aromatherapy Bundle Before Back-to-School Stress Sets In
- USA men's basketball vs Brazil live updates: Start time, how to watch Olympic quarterfinal
- 23 Flowy Pants Starting at $14.21 for When You’re Feeling Bloated, but Want To Look Chic
- Kentucky gets early signature win at Champions Classic against Duke | Opinion
- Serena Williams, a Paris restaurant and the danger of online reviews in 2024
Ranking
- A growing and aging population is forcing Texas counties to seek state EMS funding
- A judge has branded Google a monopolist, but AI may bring about quicker change in internet search
- Olympic women's soccer final: Live Bracket, schedule for gold medal game
- Blake Lively Reveals Ryan Reynolds Wrote Iconic It Ends With Us Scene
- Skiing legend Lindsey Vonn ends retirement, plans to return to competition
- U.S. women's water polo grinds out win for a spot in semifinals vs. Australia
- No drinking and only Christian music during Sunday Gospel Hour at Nashville’s most iconic honky tonk
- WK Kellogg to close Omaha plant, downsize in Memphis as it shifts production to newer facilities
Recommendation
-
Trump pledged to roll back protections for transgender students. They’re flooding crisis hotlines
-
Billy Ray Cyrus and Firerose finalize divorce after abuse claims, leaked audio
-
Former national park worker in Mississippi pleads guilty to theft
-
I signed up for an aura reading and wound up in tears. Here's what happened.
-
Businesses at struggling corner where George Floyd was killed sue Minneapolis
-
Harris’ pick of Walz amps up excitement in Midwestern states where Democrats look to heal divisions
-
Elon Musk’s X sues advertisers over alleged ‘massive advertiser boycott’ after Twitter takeover
-
Authorities arrest man accused of threatening mass casualty event at Army-Navy football game