According to yesterday’s Consumer Price Index (CPI) release from the Bureau of Labor Statistics (BLS), overall consumer prices were unchanged in July, that does not indicate that inflation is over. On a year-to-year basis, inflation in July was up 8.5 percent from July 2021. Excluding energy and food, the “core” prices that the Fed monitors increased 0.3 percent in July, for an annualized year-ago increase of 5.9 percent. Below shows the overall CPI inflation rate year-over-year for each month of 2022 compared to the last five years’ annual rate of inflation.
Essentially the June spike in energy prices was eliminated from the monthly change in CPI. Energy prices, which dropped 4.6 percent in July (after a 7.5 perc...
What You Need to Know Today: Russia rejected calls for a ceasefire in the Black Sea, including a proposal to halt attacks on civilian shipping that could help restore grain flows from Ukrainian ports. Tyson Foods announced plans to permanently close its Joslin, Illinois, beef processing facili...
The big news in the cattle markets yesterday was Tyson Foods’ move to close two more beef plants. One of them, the Joslin, Illinois, plant was shuttered immediately after the announcement. The other, in Eagle Mountain, Utah, is a case-ready plant that does not slaughter cattle. Tyson also...
The Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) on Wednesday. In July, the CPI rose 0.1 percent, seasonally adjusted, and rose 3.4 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy, or the “core” infla...
