CPI report shows inflation eased in July to a 3.4% annual pace
The CPI report was in line with economists' expectations, marking the second consecutive month with cooler price pressures.
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The CPI report was in line with economists' expectations, marking the second consecutive month with cooler price pressures.
Lower gasoline prices slowed inflation in June, though many household costs remained stubbornly high.
President Trump praised Walmart and said the lower prices are the result of "my Administration's request to celebrate our great Country's 250th birthday."
The Consumer Price Index rose last month at a 4.2% annual rate amid a spike in U.S. energy prices.
Economists expect the Consumer Price Index this week to show U.S. inflation continuing to rise due to higher energy costs.
U.S. consumer prices rose in April, fueled by a spike in energy prices caused by the Iran war.
Inflation rose at an annual rate of 3.3% in March, driven by the sharpest monthly increase in gas prices since 1967.
These charts track prices consumers pay for groceries and other goods now compared to five years ago.
Economic forecasts show that this week's March Consumer Price Index could show prices climbing at their fastest pace in nearly two years.
Inflation came in below economists' forecasts and slowed from December's 2.7% annual rate.
Although there are signs that inflation is starting to ease, consumers still face pressures from high food prices and other costs.
Economists had expected CPI to rise at an annual rate of 3% last month.
Inflation last month rose at an annual rate of 3%, coming in below economists' forecasts as the impact of President Trump's tariffs remain muted.
A 2.7% COLA increase would raise the average monthly Social Security payment by about $54.
The inflation rate was cooler than expected, with July's CPI rising 2.7% on an annual basis.
CBS News is tracking the rising cost of products most impacted by tariffs already imposed and new ones announced by President Trump, from grocery items to cars and trucks.
The Consumer Price Index in June rose 2.7% on an annual basis, in line with economists' predictions.
Beef costs around the U.S. surged to a record high in May. What's driving that jump, and are prices likely to ease up?
The average cost of one pound of ground beef reached a record-high of $5.80 in April, according to numbers from the Bureau of Labor Statistics.
Expired sales labels led to overcharges on more than 150 grocery items, according to an investigation led by Consumer Reports and others.
Weakening consumer confidence and mounting uncertainty could hit spending, economists warn.
The CPI report was cooler than expected, although inflation is still higher than the Federal Reserve's 2% annual goal.
Inflation cooled in March, but economists expect prices to reaccelerate as some of President Trump's tariffs kick in.
Americans express concern about their ability to pay bills and save money.
Inflation is proving stickier than expected, which could cause Fed to hit pause button on more interest rate cuts.
According to the DNR, EHD is a viral, sometimes fatal disease that periodically affects white-tailed deer in Michigan and is transmitted by the bite of an infected midge or other biting fly.
It took roughly three years after a series of Ohio traffic stops to tie a Michigan man to a drug distribution network that ran from Detroit to Indianapolis, Kentucky and West Virginia.
Police said they found the vehicle had struck a tree and caught fire, with active flames inside the passenger compartment.
A suspect is in custody after the Michigan State Police investigated an Aug. 25 shooting on the Southfield Freeway.
A body recovered in the Michigan waters of Lake St. Clair is that of a boater who fell overboard Saturday, the U.S. Coast Guard says.
A body recovered in the Michigan waters of Lake St. Clair is that of a boater who fell overboard Saturday, the U.S. Coast Guard says.
Forty-seven AP voters removed Michigan from their ballots entirely after the Wolverines barely survived Western Michigan in a game that ended with a disputed clock ruling and a Hail Mary.
They induce fear. They're aggressive. And for some people, they pose a serious health risk.
The debate around the use of Flock cameras continues to spread throughout Southeast Michigan.
The tariffs come in response to tariffs imposed by the Trump administration last month.
A Ford contract employee was taken to a hospital following an incident on Monday morning at the Michigan Assembly Plant in Wayne, Michigan.
Automotive expert Paul Eisenstein of Autoline TV said the number of vehicles recalled this year has surged.
Woodward Dream Cruise participant Mike Holmes, who showed off a DeLorean at Saturday's event, said the " human interaction is just as much fun as driving the car."
General Motors says 350 workers will be laid off in January at its Lansing Grand River Assembly/Stamping and Lansing Regional Stamping sites.
Ford says the reveal is intended to connect directly with the enthusiasts who have helped make the Woodward Dream Cruise one of the nation's premier automotive events.
The Romeo Peach Festival, which one visitor described as a celebration of "peach everything!" wrapped up on Monday. Here's a look at the food and activities.
Bruce Campbell, an actor and filmmaker widely known for his work in "The Evil Dead" franchise, says his cancer prognosis indicates he has about five years to live.
While performing in St. Louis on Saturday night, Lionel Richie appeared at one point to lean on a piano for support, according to video from the show.
For decades, the Farmington Civic Theatre has often been recognized as a community staple, but since the Covid-19 pandemic, management says attendance has dropped significantly.
Robinette's Apple Haus and Winery in Grand Rapids will open its corn maze season on Sept. 1 with a Dolly Parton theme.
Forty-seven AP voters removed Michigan from their ballots entirely after the Wolverines barely survived Western Michigan in a game that ended with a disputed clock ruling and a Hail Mary.
Republicans are fighting to hold onto their majority in the Senate, where the GOP currently controls 53 seats. To take control, Democrats would need to net four seats in November's election.
The Transportation Security Administration has launched a new program at 13 airports, allowing eligible TSA PreCheck members without plane tickets to pass through security and enter the gates.
Patrick Anderson, who survived the attack, hopes local memorials will help people recognize and reflect on one of America's darkest days.
The tariffs come in response to tariffs imposed by the Trump administration last month.
State health officials said the mosquito-borne illness was found in an 18-month-old quarter horse filly.
Trinity Health Corp. expects to permanently lay off 557 workers in Wayne County as part of a restructuring effort.
Detroit's chief public health officer, Ali Abazeed, confirmed in a press conference following Thursday's severe weather that the first human case of West Nile virus has been recorded.
Employer health benefit costs are projected to see the steepest increase next year since 2003. That could mean higher deductions and out-of-pocket costs for workers.
A mosquito species that is new to Michigan is recognizable by its black-and-white striped body. Unlike most mosquitoes, it is active and bites during the day.
Forty-seven AP voters removed Michigan from their ballots entirely after the Wolverines barely survived Western Michigan in a game that ended with a disputed clock ruling and a Hail Mary.
Kody Clemens hit a two-run homer against his former team, helping the Minnesota Twins beat the Detroit Tigers 3-2.
The MAC cited what it believes to be an "extraordinary" circumstance in appealing the outcome of the Michigan-Western Michigan game.
The Mid-American Conference has appealed the outcome of the Michigan-Western Michigan game, asking the NCAA and College Football Playoff administrators to recognize the Broncos as the actual winner.
Michigan coach Kyle Whittingham says Bryce Underwood has to improve to keep his job as starting quarterback.
The Detroit Regional Partnership, which has been around for six years, has been a significant catalyst, helping bring numerous jobs and companies to the region.
The roundtable talks politics, civility and issues that will resonate this fall in various elections.
As we count down the final days of summer, there's still a wee bit of time left to grab a good book as you head to the beach or maybe your backyard.
Rachel Stewart previews the upcoming America's Thanksgiving Parade presented by Gardner White, which will celebrate its 100th anniversary in 2026.
The eyes of the nation were on Michigan as its critical 2026 primary was held last Tuesday.
The Detroit Fire Investigation Division is seeking the public's assistance in identifying and locating the person responsible for an arson that occurred in the early morning hours of June 9 inside an apartment complex located in the 9300 block of East Jefferson.
Rain and a possible thunderstorm continues today. NEXT Weather Meteorologist Karen Carter tells us when dry weather returns.
A juror in Lindsay Clancy's trial provided a look at deliberations, saying there was too much doubt for her to reach a guilty verdict.
Fierce winds downed trees and caused widespread power outages on the island of Kauai, home to 73,000 residents. Carter Evans reports.
A body was recovered on Wednesday in the Michigan waters of Lake St. Clair, as authorities searched for a man who went overboard on Saturday.