Current:Home > ContactThe Daily Money: Inflation eased in July -SovereignWealth
The Daily Money: Inflation eased in July
View
Date:2025-04-23 07:49:25
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! (22)
Related
- Tom Holland's New Venture Revealed
- 11 Mexican police officers convicted in murders of 17 migrants who were shot and burned near U.S. border
- 2 pilots killed in crash at Reno air race
- Israel criticizes UN vote to list ruins near ancient Jericho as World Heritage Site in Palestine
- Federal court filings allege official committed perjury in lawsuit tied to Louisiana grain terminal
- 'It's too dangerous!' Massive mako shark stranded on Florida beach saved by swimmers
- Do air purifiers work? Here's what they do, and an analysis of risks versus benefits
- Underwater teams search for a helicopter that crashed while fighting a forest fire in western Turkey
- 'Most Whopper
- Russell Brand accused of sexual assault, emotional abuse; comedian denies allegations
Ranking
- Sam Taylor
- Former NFL player Sergio Brown missing; mother’s body was found near suburban Chicago creek
- The Challenge Stars Nany González and Kaycee Clark Are Engaged
- Kosovo’s prime minister blames EU envoy for the failure of recent talks with Serbia
- B.A. Parker is learning the banjo
- The bizarre secret behind China's spy balloon
- Authorities search for F-35 jet after 'mishap' near South Carolina base; pilot safely ejected
- Senators to meet with Zelenskyy on Thursday
Recommendation
Bodycam footage shows high
For Shakhtar Donetsk in the Champions League, representing Ukraine is a duty to the country
Trump reiterates request for Judge Tanya Chutkan to recuse herself from his D.C. Jan. 6 case
House Democrats press for cameras in federal courts, as Trump trials and Supreme Court session loom
Skins Game to make return to Thanksgiving week with a modern look
Praise be! 'The Nun 2' holds box office top spot in second week with $14.7M
Stock market today:
Hurricane Lee fades, but 'life-threatening' surf persists for thousands of miles: Updates