Inflation still sucks, but we'll take whatever relief we can get
(CNN Business)It's August, which is an ideal time for a little late-summer economic vibe check. All of Wall Street is in the Hamptons or on Martha's Vineyard. Even the Fed is snoozing till September. So pour a cool glass of rosé, or whatever, and let's talk inflation.
- Gas prices in America have been falling for more than 50 consecutive days. The average cost of a gallon of gas, at a little over four bucks, is down almost a dollar since the June peak.
- Online retail prices fell 1% year-over-year in July, snapping nearly two years of persistent increases. The shift is even more pronounced on a month-over-month basis, in which online prices dropped by 2% in July.
- Walmart, Target and Best Buy are slashing prices to try to clear out a glut of inventory — that's a business problem and a consumer perk we haven't seen since before the pandemic.
- In terms of inflation psychology, we're broadly more optimistic these days. The Survey of Consumer Expectations this week showed that expectations of higher prices are easing.
- The strong US dollar, while problematic for the rest of the world, is a nice little perk for Americans traveling abroad right now.
NUMBER OF THE DAY: $5,000
SACREBLEU!
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