The markets will now be most certainly expecting an interest rate cut next month after today’s brand new inflation read. The Consumer Price Index is in line with expectations.
The CPI for July came in at 0.2 percent, which is exactly what the markets were expecting. On the year, it landed at 2.7 percent, which is one-tenth below what analysts were preparing for.
Numbers show shelter costs were the largest contributor to inflation last month.
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Diesel prices are on the rise, posing a huge challenge for farmers as they navigate their operations through the beginning of harvest season for many key U.S. crops.
In June, prices were down 77% compared to the highest weekly price in 2022.
According to the USDA Outlook Board, margins could improve for producers depending on a decrease in cases of High-Path Avian Flu (HPAI).
