🚀 Inflation deep-dive

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. The consumer price index (CPI) rose 0.2% in July, bringing annual inflation to 2.9%, slightly below the 3% rate reported in June. The core CPI, which strips out volatile food and energy prices, also increased by 0.2% for the month and by 3.2% on an annual basis. This marks the lowest annual core inflation rate since April 2021 and the lowest overall inflation rate since March 2021. A significant driver of July's inflation was the housing sector, particularly shelter costs, which accounted for 90% of the overall increase in the CPI. Shelter costs rose by 0.4% in July and 5.3% over the past year. While food prices overall saw a modest 0.2% increase, specific categories experienced notable changes. For instance, egg prices surged by 5.5%, contrasting with a 0.5% decline in cereals and bakery items, and a 0.2% drop in dairy and related products. Energy prices, on the other hand, remained flat, offering some relief in a category that has seen significant volatility in recent years. Notably, automotive prices continued their downward trend, with new vehicle prices declining by 0.2% and used cars and trucks dropping by 2.3% in July and by 10.9% over the past year. However, the cost of auto insurance rose by 1.2% in July and has jumped by 18.6% over the last 12 months. Medical care services prices fell by 0.3%, apparel prices declined by 0.4%, and core commodity prices dropped by 0.3% in July. These decreases suggest that while inflation remains a concern, it is not uniform across all sectors. The inflation data has significant implications for the Federal Reserve's monetary policy. As inflation gradually drifts closer to the Fed's 2% target, there is growing speculation about the potential for interest rate cuts, something that many economists believes the economy needs sooner rather than later to boost activity.

2. Google is launching new AI features for Android, aiming to outpace Apple's upcoming AI rollout for iPhones, Macs, and iPads. The latest Android update introduces the Gemini AI assistant, capable of tasks like managing calendars, drafting emails, and integrating with Google apps. The new Pixel 9 series, starting at $799, includes these AI features, with the high-end Pixel 9 Pro offering a free year of the Gemini Advanced subscription, which usually costs $19.99 per month. Meanwhile, Apple's AI system is still in testing and will be released in stages starting this fall.

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4. Headlines

   1. Mars (the candy bar company, which is still family-owned) announced that it will acquire Kellanova (maker of Pringles and Cheez-Its) for $36B.

   2. Mortgage refinances increased 35% last week in response to declining interest rates.

   _{* This is sponsored content.}

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