The Daily Money: Inflation slowed in March but core price gains accelerated
Happy Wednesday. It’s Bailey Schulz here to bring you the day’s top news.
Inflation slowed for a ninth straight month in March to a near two-year low amid drops in both gasoline and grocery prices, according to the Labor Department’s consumer price index. Consumer prices overall were up 5% from a year earlier, down from 6% in February.
But core prices, which exclude volatile food and energy items and capture longer-lasting trends, were up 0.4% from the previous month.
The results have economists saying the Federal Reserve will likely raise its key interest rate in May to fight off inflation.
Vacation home sales down 50% from pre-pandemic levels
A spike in mortgage rates and dip in personal savings have ended a pandemic-era trend of high demand for vacation homes.
Mortgage-rate locks for second homes were down 52% from pre-pandemic levels on a seasonally adjusted basis in March compared with a 13% decline for primary homes, according to a new Redfin report.
“There's been a huge reversal because of high interest rates and also because of the general economy,” says Daryl Fairweather, chief economist at Redfin. “People are worried about a recession and during a recession, the first thing that tends to get cut are more frivolous items like second homes.”
📰 More stories you shouldn't miss 📰
Student loan forgiveness could ding your credit score. Here's why.
Rent is the 'largest contributor' to inflation. See where it is going up (or down)
Walmart closing in Chicago: 4 stores in Illinois will close doors, joining growing list
Whole Foods temporarily closes its San Francisco flagship store due to safety concerns
Why the opening of the world's largest standing wave pool is a 'touchy situation' in Hawaii
🚨 Recall alert 🚨
A Paste BN investigation found at least 170 listings for recalled items posted on Facebook Marketplace in recent weeks. Here are 10 recalled products to watch out for if you’re shopping for secondhand children’s items.
- Boppy Newborn Lounger
- Nap Nanny
- Rock ‘n Play Sleeper
- Rock ‘n Glide
- Soothe ‘n Play
- Bumbo seat
- Maclaren stroller
- Magnetix toys
- Ikea dressers
- Infantino SlingRider baby slings
About The Daily Money
Each weekday, The Daily Money delivers the best consumer news from Paste BN. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.