(15 Aug 2024)
RESTRICTION SUMMARY:
ASSOCIATED PRESS
Wellington, Florida – 15 August 2024
1. Various of shoppers at Wellington Green Mall
ASSOCIATED PRESS
Washington – 15 August 2024
2. SOUNDBITE (English) Mark Hamrick, Bankrate.com:
"The latest snapshot of prices at the retail level really came in largely as expected, and to have something come in as expected ends up being sort of the calendar of what we are having. Earlier this year, when we were getting unpleasant surprises with larger than expected inflation rises or gains. And so to break down, while we saw in the sense of both the month over month and year over year measures, we had headline inflation up 2/10 of 1% in July. Same for the core, which excludes food and energy. And then the headline was up 2.9% over the past year. That moves down from 3% previously and the peak of 9.1% two years ago. So think about moving below 3% relative to a 9% gain when inflation was really on full boil, and then the core year over year change 3.2% going down just a step. So these are still elevated inflation figures, but they are way down from where they were before."
ASSOCIATED PRESS
Wellington, Florida – 15 August 2024
3. Various of shoppers and price signs
ASSOCIATED PRESS
Washington – 15 August 2024
4. SOUNDBITE (English) Mark Hamrick, Bankrate.com:
"I think that there is a risk that when we’re talking about inflation, that we might be talking about it in a fashion that’s overly enthusiastic for the taste of consumers and the American people in the sense that prices are still elevated. We’re talking about a rise in the consumer price index of 20% plus, going back to January of 2020, right before we knew that we had a problem with the pandemic and the economy."
ASSOCIATED PRESS
Wellington, Florida – 15 August 2024
5. Pan of price signs
6. Shoppers in store
STORYLINE:
Year-over-year inflation reached its lowest level in more than three years in July, the latest sign that the worst price spike in four decades is fading and setting up the Federal Reserve for an interest rate cut in September.
Measured from a year earlier, prices rose 2.9%, down from 3% in June.
It was the mildest year-over-year inflation figure since March 2021.
The government said nearly all of July’s inflation reflected higher rental prices and other housing costs, a trend that, according to real-time data, is easing.
As a result, housing costs should rise more slowly in the coming months, contributing to lower inflation.
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