– The U.S. saw a slowdown in core inflation in July, excluding food and energy costs.
– The Department of Labor reported a 0.2% rise in the Consumer Price Index, meeting expectations.
– Consumers are experiencing some respite as food prices decrease.
Missouri Residents Welcoming Slow Inflation
Missouri consumers have reasons to heave a sigh of relief as the relentless spike in prices shows signs of easing. The core inflation, a measure tracking all goods and services except for food and energy, seemingly took a balletic bow in July.
Stability on the Home Front
The Department of Labor chipped in with some good news last Thursday. The agency’s report showed that the consumer price index (CPI), an indicator of market basket costs experienced by the typical urban consumer, gently rose by 0.2% in July, perfectly en pointe with economists’ predictions. Looking back over the past year, we still remain a scalawag 3.2% higher than the previous year.
However, here’s some much-needed solace amidst these brow-furrowing numbers – consumers are witnessing a mild decrescendo in their grocery bills. As inflation continues to dance a slower tempo, folks are finding a little extra jingle in their wallets after a visit to their local supermarket.
The Breezy Take
In the rollercoaster ride that is the U.S. economy, Missouri residents can, at least momentarily, enjoy the thrill of a downhill slope as inflation settles into a slower stride. A welcome break of 0.2% in CPI is music to many ears, particularly those who’ve felt the squeeze of escalating food prices over recent months. It’s not the end of the ride yet, as we’re still tottering 3.2% higher than last year, but at least we’re seeing some promising signs concerning our lunchboxes and wallets. The fact that these figures meet economists’ expectations also lends hope that prudence in inflationary matters isn’t a lost art, after all.
Original article: https://missouriindependent.com/2023/08/10/consumers-seeing-relief-in-some-food-prices-as-inflation-continues-to-slow/