Here's 10 mid-August Economic Nuggets from constructconx chief economist Alex_Carrick!
Inflation in both the U.S. and Canada moderated a little in July. The U.S. Consumer Price Index eased back to +8.5% year over year from +9.1% in June. On a month-to-month basis, CPI-U stayed the same. In Canada, the CPI slowed to +7.6% y/y in July from +8.1% in June. Canada’s month-to-month change was +0.1%.
But if the price of gasoline is becoming somewhat less vexing, the same can’t be said for the cost of food. ‘Food’ as a sub-item in the CPI-U data set in July was +10.9%. The cost of ‘food at home’ was even more outrageous at +13.1% y/y. The sticker price shock on grocery store shelves presently encompasses, but is certainly not limited to, eggs , flour , butter and coffee . Flour has been another casualty of the conflict in Ukraine, with exports of wheat from that nation drastically disrupted.