Inflation tips lower, but consumers still feel it: Wealth!
The Consumer Price Index (CPI) for June showed prices decline 0.1% month-over-month. From a year ago, the index rose 3%, the lowest level in 3 years. Summer is making itself known with rising temperatures and balmy weather. What do broader inflationary trends mean for Americans' electric bills? Rachelle Akuffo breaks down which states may see significant increases in their residents' electric utility costs. Costco (COST) announced it will be hiking its membership fees for the first time since 2017. Costco's annual membership will cost $65, effective September 1. Additionally, annual fees for executive memberships in the US and Canada will increase from $120 to $130. Mahoney Asset Management CEO Ken Mahoney joined the show to share his insights on investing strategies in the current market environment as well as give insight into the tech sector and which of the Magnificent Seven need to be in focus for investors. The IRS (Internal Revenue Service) is ramping up its collection enforcement, announcing a "major milestone" of more than $1 billion collected in past-due taxes from American millionaires with over $250,000 in tax debt. According to The US Consumer Price Index (CPI) for June, food-away-from-home (FAFH) was at 4.1%, an increase of 0.4% month-over-month, with alcoholic beverages rising 0.2% month-over-month. F&B Insights VP of strategic partnerships Noah Tracht joined the show to give insight into the rise of food inflation and how its impacting consumers and the broader market. For more expert insight and the latest market action, click here. This post was written by Nicholas Jacobino