Research Brief: Inflation – July 2024

Falling commodity prices reflect cooling economy. While pricing pressures remain above target 27 months into the Federal Reserve’s current monetary tightening cycle, meaningful relief is beginning to show. Annual growth in the commodities less food and energy index — which captures pricing changes for non-necessity items such as recreation, vehicles and apparel — has been in negative territory for six consecutive months and reached a near 20-year-low at -1.8 percent in June. Elevated costs for essentials such as…

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