ALL THE MONEY NEWS YOU NEED TO KNOW | | | | | | Daniel de Visé | Personal Finance Reporter
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Good morning! It's Daniel de Visé with your Daily Money. |
Consumer prices rose a modest 2.9% in the 12 months through July, the Labor Department reported Wednesday in its consumer price index, an annual rate that suggests the historic inflation surge of 2022 continues to ease. |
The annual inflation rate hadn't dipped below 3% since March 2021. Inflation has gently declined this summer, following a brief spike in the spring. |
On a monthly basis, prices rose 0.2%. Food prices were up 2.2% on the year. Energy prices were up 1.1%, and gasoline prices were down. Much larger price gains came in transportation services and shelter. |
Housing costs are still rising |
Mitchell and Kathryn Cox, mid-twenties professionals in Savannah, Georgia, thought that they'd entered the rental market "at the worst time possible," with skyrocketing prices pushing their monthly cost up more than 50% higher than friends and relatives who'd gotten into leases just a few years earlier. |
Then, the Coxes started to house-hunt. After months of searching, the couple bought a home that was smaller than what they'd hoped for, Andrea Riquier reports. |
Around the country, high housing costs are turning a normal rite of passage for a young couple into a game of grit and chance. Despite the dip in inflation, shelter costs are 5.1% higher than a year ago, according to the July report. |
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Food company Mars Inc. announced on Wednesday that it has agreed to acquire Kellanova, a global giant in snack, cereal, and noodle manufacturing, in a whopping $35.9 billion deal. |
The family-owned company, home to Snickers, Skittles, and M&M's, will pay $83.50 per share in an all-cash deal for Kellanova, maker of Pringles. Other notable brands under the Kellanova umbrella include Eggo, Cheez-It, Club Crackers, and Pop-Tarts. |
Each weekday, The Daily Money delivers the best consumer and financial news from USA TODAY, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you. |
Daniel de Visé covers personal finance for USA Today. | | | | Consumer prices rose only modestly in the 12 months through July, the Labor Department announced Wednesday. | | | |  | Housing costs remain the key culprit for inflation, even as price hikes slowed in July according to the latest CPI | | | | Mars Inc. is set to acquire snack maker Kellanova, responsible for Pringles, Eggos, and Cheez-Its, in a $36 billion dollar deal. | | | | Celia Cruz's quarter, an honor bestowed by the U.S. Mint, was officially in circulation Monday, which means that you can now buy the coin or stumble across it. | | | | The estimated 2025 COLA for Social Security recipients dipped with July inflation, but seniors continue to struggle with daily expenses. | | | | The Disney bundle? The Max bundle? Comcast bundle? Here are all the streaming bundles you can get for your TV needs and why you might want to get them | | | | Disney+ and Hulu will cost you more in 2024. Here's how much you could really spend if you go all in on streaming this year. It's more than you think. | | | | The Collector's Meals will have six unique collectible cups that will be available at participating McDonald's restaurants starting next week. | | | | A new report sheds light on how much emergency savings we really need. It's a large number. | | | | Our app gives you award-winning coverage, crosswords, audio storytelling, eNewspaper and more. | | | | |  | Sign up for the news you want | Exclusive newsletters are part of your subscription, don't miss out! We're always working to add benefits for subscribers like you. | | | | | | |
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