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  • Daily Scoop 22-8-10

Daily Scoop 22-8-10

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Today's Scoop:Inflated

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Big Picture

  1. It looks like we may be past the worst period of inflation.

  2. The cost of food and rent continues to rise.

  3. Gas, clothing, and travel costs have come down.

The Market: 

⬆️

+2.1%

S&P 500: 4,210.24

1Mo:

+9%

 

| 1Yr:

-5%

 

| 5Yr: 

+72%

Markets surged today following

better-than-feared inflation data

. Lower inflation is good for every aspect of the economy.

Inflation is the rate of change in what things cost.

So low inflation still means prices are rising, but just not so quickly. Negative inflation means costs actually come down. We saw a little of both in July. 

The Labor Department’s Consumer Price Index (CPI) did not increase in July from June (

0% inflation

) after rising by over 1% in June, May, and March.

Everything we spend money on is still 8.5% more expensive than a year ago

, but falling gas, clothing, and transportation costs offset other gains in July, leaving CPI unchanged.

Airline fares and gas prices both tumbled

by -8% in July.

Clothing costs and used car prices declined

as well. Retailers have started discounting mismatched inventories.

Food prices are still climbing each month, costing 11% more than a year ago

. Corn and wheat commodity prices tanked in July, so that should hopefully flow through to food prices soon.

Rent is still climbing

but at a slower pace. 

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🤓 Inside Scoop...

The

Consumer Price Index

(

CPI

) is one of the main ways economists track inflation.

Inflation

is the rate at which things get more expensive. The CPI looks at a set basket of stuff your average consumer spends money on and tracks how much it costs each month. The rate of change is inflation. Prices rarely go down. It's normal for things to get more expensive. You'll never be able to buy a Coke for a quarter again, but that's ok. Low inflation (~1-2% per year) is standard. High inflation, like we're seeing now with prices of essential goods going up nearly 8-10% per year, is a problem. It's unmanageable. Policymakers are looking to slow economic activity and cool spending so prices stop rising so quickly.

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