Consumer inflation slows to lowest rate since February 2021
CNN
Inflation continues to loosen its grip on American consumers, with price hikes slowing by the most in three and a half years and all but cementing a quarter-point rate cut from the Federal Reserve when it meets next week.
Inflation continues to loosen its grip on American consumers, with price hikes slowing by the most in three and a half years and all but cementing a quarter-point rate cut from the Federal Reserve when it meets next week. The Consumer Price Index, a measurement of price changes for a commonly purchased basket of goods and services, briskly retreated from a 2.9% rate in July to 2.5% in August, the lowest since February 2021 and a rate that matches the average seen in 2018, according to Bureau of Labor Statistics data released Wednesday. On a monthly basis, prices rose 0.2%, unchanged from July. “The cumulative progress on inflation — evidenced by the CPI now at 2.5% after having peaked at 9% in mid-2022 — has given the Federal Reserve the green light to begin cutting interest rates at next week’s meeting,” Greg McBride, chief financial analyst for Bankrate, said in commentary issued Wednesday. “While further improvement on inflation is both needed and expected to get to the 2% target, emphasis has shifted to the labor market and the full employment side of the Fed’s mandate.” Economists were expecting the annual rate would slow significantly last month to 2.6% annually, according to FactSet. That’s in part due to favorable year-ago comparisons: Last summer’s gas price spike jolted inflation higher in August 2023. Falling gas prices helped bring overall inflation lower last month, dropping by 0.6% for the month and 10.3% annually.
People don’t buy “domestic” cars or salute the “domestic” flag, so they shouldn’t drink “domestic” beer. At least, that’s what Anheuser-Busch’s CEO thinks.
As President Trump and Elon Musk remake the federal government through firings, orders and brute force, small news publishers that specialize in the federal workforce are landing big scoops and seeing equally big traffic gains.
Nissan is still holding “various discussions” with Honda, the carmaker said Wednesday in response to media reports that it is set to scrap merger talks with its larger rival.
The end of cheap Shein and Temu hauls? How Trump’s tariffs could make those shipments more expensive
Americans love Shein, Temu and Alibaba for two reasons: cheap prices and fast shipping.
The US Postal Service says it has temporarily suspended the acceptance of incoming international parcels from China and Hong Kong until further notice.
Google’s updated AI ethics policy removes its promise that it won’t use the technology to pursue weapons and surveillance.
Need a new computer, television or phone? You might want to consider getting one now.
Tensions among the United States and its three biggest trading partners are injecting uncertainty into the US economy, putting American business owners in an uncomfortable wait-and-see posture. We’d like to hear from you.
Australia has banned DeepSeek from all government devices over concerns that the Chinese artificial intelligence startup behind it poses security risks, the government said Tuesday.
The soaring price of eggs has forced Waffle House to add a temporary surcharge on customers’ orders.
Lower-income Americans are likely to feel the brunt of the unprecedented tariffs President Donald Trump has set in motion.
Tariffs have dominated headlines since President Donald Trump took office just over two weeks ago, as he threatened steep, sweeping tariffs on goods the United States imports from its three largest trading partners — Mexico, China and Canada — on Tuesday.
Beijing announced tariffs on Tuesday on some American imports including originating crude oil, agricultural machinery and liquefied natural gas in a move that coincides with the Trump administration’s imposition of 10% tariffs on Chinese imports into the United States.