Celebrating Decline

Inflation’s chill pill is kicking in.

The consumer price index (CPI), a broad measure of prices for goods and services, rose 2.9% over the past year––the first time inflation has been below 3% since 2021. The cost of some items actually dropped in the last year: apples (-14.5%), used cars (-10.9%), and furniture (-5.2%).

July’s report wasn’t all rainbows and downward-sloping graphs. The cost of housing rose at a faster pace––accounting for 90% of the month’s total inflation––and the cost of other items remains up from last year: eggs (+19.1%), car insurance (+18.6%), and sporting events (+8.8%).

For now, it seems the Federal Reserve has pulled off the mystical “soft landing” (reducing inflation without causing a recession) and is expected to cut interest rates next month.

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CHRISTIAN PERSPECTIVE
Whether inflation is rising or falling, Christians should continue seeking to give generously to those in greater need. At the end of the day, everything we have in our bank accounts is the Lord’s first.

“Don’t neglect to do what is good and to share, for God is pleased with such sacrifices.” Hebrews 13:16 (CSB)(read full passage)