For instance, gas prices are down almost 30% compared to last year but services like tax prep and haircuts, a big contributing factor to the overall inflation, are up 5.6% from a year ago.įor a while, it looked like mortgage rates peaked at 7.08%, the highest level since November.īut average 30-year fixed mortgage rates inched their way up to 6.96% in the week ending July 13, according to Freddie Mac data released Thursday. And June of last year was monumental: Annual inflation soared to 9.1%, the highest in more than 40 years largely because of record-high energy costs,” she wrote.Įven after taking those base effects into account, inflation is still piping hot across several cities in the country.Īnd some prices aren’t budging as much as others. “The annual CPI rate is, in part, benefiting from base effects, when comparisons are made to the prior year. But she cautioned, “It’s really too early to declare victory on inflation.”Īs my fellow economics reporter Alicia Wallace wrote, “the devil remains in the details.” “There is no doubt that the good news on inflation is good news indeed,” San Francisco Federal Reserve Bank President Mary Daly said on Thursday. That data showed annual wholesale inflation cooled last month to the lowest level in nearly three years.īut Fed officials are taking the data with a grain of salt. Then on Thursday came Producer Price Index data, which measures the average change in prices that businesses pay to suppliers. Wednesday’s Consumer Price Index showed that annual inflation slowed from 4% to 3% in June, the lowest level since March 2021.
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