Good Inflation Data Today: insights from CPI July 2024 report

Good morning.

CPI all items is down to 2.9% for the year, with all items less food and energy up 3.2%.

Key highlights:
Services cost more led by transportation and shelter.
Automobiles costs less, especially used.
Electricity is more expensive, and gasoline is down a bit.

Services is slower to correct, as those economic cycles may take years to play out. They use capital goods and/or are real-estate based. Labor is a part of the story.

Automobiles becoming less valuable...never really understood this cycle.

Electric vehicles, computing, and normal economic growth, along with the closing of coal-fired electricity plants creates larger growth in demand for electricity (dE/dT) than the growth rate of the production of electricity.

The U.S. Federal Government should support new construction of renewable energy systems like nuclear, wind, hydroelectric and solar, along with heat-capture systems. More energy means more heat.

Chicago Quantum proposes to design a system that captures the heat of electricity production and usage and release it in Chicago during the winter months, creating a literal oasis of beautiful weather all year round. We propose using quantum mechanics to do this efficiently and effectively.

Original post by the Bureau of Labor Statistics:
https://www.bls.gov/news.release/pdf/cpi.pdf