One thing moving markets… 

…is the inflation rate is going down, with the overall inflation rate coming in under 3% for the first time in three years, per the July Consumer Price Index (CPI), and some prices are going down, too.¹

Price cuts at the grocery store

In July, a number of household goods are on the decline:

It’s now cheaper to bring home the bacon, with the average pound of bacon ringing up at $6.88 this year, far below the $7.42 you would have paid in 2022.²

The costs of chicken, milk, and cheddar cheese are significantly down from their 2022 peaks.

As of the latest CPI reading, apples, ham, potatoes, and rice had all posted annual price declines as well.³

Still, grocery prices remain a mixed bag. Empower research shows 82% of Americans say their money doesn’t go as far as it used to (82%) and the higher prices go, the less they’re getting in return. 

Relief on the home front

Homebuyers are starting to see some relief on several fronts: Mortgage rates and home prices.

Last year, the average interest rate for the popular 30-year mortgage was close to 8%, a level that had not been seen since the early 1990s. As of mid-August, the average rate for a 30-year fixed-rate mortgage has drop down to 6.49%.⁴

Patience is paying off for those who have been waiting for a housing market cooldown: In July, price cuts (18.9%) for listings rose to a two-year high, and buyers can find drops all over the map.⁵  

The U.S. median home list price fell slightly month-over-month to $439,950 in July. Deals aren’t just coming to existing properties, either: New U.S. homes are selling for $3.50 less per square foot than old ones across 21 major metro areas like Los Angeles and Washington, D.C.⁶

On-the-go savings

Much to the relief of summer roadtrippers, prices at the pump are declining, too. As of August 14, the average price of a gallon gas was $3.45.³ That’s down more than 25% from the 2022 average of $4.67.²

Used car prices fell 2.3% from June 2024, bringing their annual decline to nearly 11%.¹

Big-ticket energy 

Airfare prices ticked down 1.6% from June to July¹  and year over year decreased 7.1%. And demand might not be a headwind, either, as airlines experienced record-breaking traffic this summer, according to the Federal Aviation Administration (FAA).⁷

And a few top headlines

You can find me at the club — the credit card club.

• Credit card issuers are opening exclusive lounges for cardholders, and not just at airports. These spots are typically limited to holders of cards with higher annual fees.⁸

Let the real estate negotiations begin.

• A new National Association of Realtors (NAR) rule just went into effect. Home sellers will no longer have to cover the typical 5-6% commission for both buyer- and seller-paid agents, opening the door for more negotiations on both side — and potentially more healthy competition in the housing market.⁹

The full football season experience will run you nearly $700 in 2024.

• The NFL’s Sunday Ticket package is now available for $679.99. You can still catch plenty of games on local CBS and Fox affiliates, as well as streaming services like Amazon Prime Video and Paramount+.¹⁰

The price of one staple is still on the rise: Gold.

• The cost of a standard 400-ounce bar of gold is now roughly $1 million, for the first time in history. The precious metal’s value has added more than 20% in the past 12 months.⁹