When it comes to surfing, California knows a thing or two. But we’re not talking about waves today; we’re talking about the fluctuating tides of inflation. Dive in with us as we navigate the ebb and flow of the latest economic indicators. Don’t worry; we’ve got the buoyancy aids on hand for the trickier parts.
Unraveling the Inflation Threads
Inflation hit us with a warm current, rising 6/10 of a percent, with the year-over-year number up slightly. At first glance, this might have had some of us reaching for the life vests. But, as with any tremendous Californian tale, there’s more beneath the surface. The main culprits this month? Energy costs. Core inflation came in hotter than expected, but not drastically so. The silver lining? Over the last three months, core inflation shows an annual rate of 2.4% in the Fed’s comfort zone.
The Cars, Gas, and Airfare Rollercoaster
The used car market is looking like our favorite summer sale – down 1.2% for August and a 7% drop year over year. Motor vehicle insurance, however, is taking us on a different ride, with a 19% increase. The real villain this month is energy prices, especially gasoline. And while energy had its dance in the limelight, food prices played the mellow background tune, remaining relatively flat.
Shelter: The Unsung Hero
As the saying goes, “When you need shelter from the storm, find a good roof.” Shelter costs rose at a rate that indicates progress year over year. This month, it’s the hero in our inflation story, with a gentle rise of 3-tenths percent. And while we’re talking about home, rent has seen some ups and downs, but the overall picture is promising. Here’s hoping this trend becomes a mainstay.
Like a well-executed dive, understanding inflation requires looking beyond the splash. Energy gave us a nudge, but shelter provided a reassuring anchor. For those keeping an eye on the mortgage scene, applications remain steady, and there’s a refinance opportunity on the horizon. Just as California Platinum Loans always advises, stay informed, stay buoyant, and always ride the wave to the best opportunity.
Remember, while the financial seas can sometimes be choppy, an intelligent navigator (and a touch of humor) can keep you on course. Stay golden, California!