Breaking: Consumer prices rose 8.5% in July, less than expected as inflation pressures ease a bit

[Roland99]

https://www.cnbc.com/2022/08/10/consumer-prices-rose-8point5percent-in-july-less-than-expected-as-inflation-pressures-ease-a-bit.html

The consumer price index, a measure of inflation, was expected to rise 8.7% in July from a year ago, according to Dow Jones estimates. Core inflation excluding food and energy was forecast to increase 6.1%.

This is breaking news. Please check back here for updates.

8:32a
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8:32a
Dow futures up 381 points, or 1.2%
8:31a
Stock futures jump after July CPI reading

[Johnny2X2X]

1. This is great news!

It will fall bit by bit now, just like it rose. Beating these expectations was huge! There is a lot of momentum that this could accelerate quickly the next few months. Gas prices are down. Online prices actually fell year over year last month.

[Johnny2X2X]

2. Bump

This is huge news, we've spent thousands of posts discussing CPI when it's rising, now that it's falling, it deserves as much attention. I hope the media gives it a lot of attention, this is a huge deal and a sign that inflation is going to continue to fall. As much as they've railed on Biden for global inflation he did nothing to cause, he better get equal credit for it falling now.

Don't let this become a non story, this is a huge deal!

[Demsrule86]

3. I believe there wasn't any inflation and there never was. It all had to do with companies

gouging...raising prices for no reason other than greed. Others like me refused to buy things that were ridiculously expensive. For example, I heard someone here I think complain about potato chips...well that's not real food and I don't buy chips much anyway, but never if they are expensive. So, now crap has been sitting in warehouses unsold. I went to Ollies and it was crammed with stuff that hadn't sold.

[Roland99]

5. Inflation is quite real. It's measurable. Much is based upon housing (mortgage/rent)

so rents going up sharply and then mortgage rates went up which made mortgage payments higher.

Then gas prices soared due to Putin invading Ukraine and production cuts from Covid-shutdown days have yet to be restored to normal.

It affected many things

[Sympthsical]

6. Food prices up 10.9% year over year -13.1% food at home

1.1% month to month.

This is like climate denialism at this point. "I don't think it's getting hotter!"

At what point does saying this kind of stuff just become bonkers conspiracy theory?

With gas prices lowering, I expected inflation rate to come down - and it has. We've gotten some better news this month. Still not great, but not as bad as last month. It's a good thing.

But this, "Not a problem, doesn't exist!"

It's denialism, and it's unhelpful to send that message to voters before midterms. I'm just flabbergasted to read this sort of thing here. We're ostensibly supposed to be fact-based people.

And the worst part is, I don't think some vocal people understand how inflation works. It isn't like gas. Once rent goes up, it'll stay up. It doesn't vacillate week to week like fuel prices.

Until wages keep up with inflation, real wages will continue decreasing. If real wages decrease, families continue hurting.

I just don't think some people give a fuck how others are doing. I honestly don't. "Got mine!" is lasting even through this.

This isn't Democratic to me.

[Hermit-The-Prog]

8. Gouging still caused it. Ukraine and covid were the excuses.

[moonshinegnomie]

4. month over month the inflation rate was zero

[niyad]

7. and yet, the price of a dozen eggs went from 1.79 last week to 2.69 today.

of course, the price of gas went from 4.99 to 4.19, soooo. . .