The Daily Money: Inflation eases for 12th straight month
Happy Wednesday, Daily Money readers. It’s Bailey Schulz here to bring you the day’s top news on inflation, home insurance coverage and french fry freebies.
The Bureau of Labor Statistic’s latest CPI report shows inflation cooled for a 12th straight month in June, with inflation down about two-thirds since its 40-year high of 9.1% one year ago. Core inflation, which the Fed watches more closely, eased more than expected.
While the drop is welcome news for consumers, bringing down inflation to 2% is expected to be a tougher slog.
Forecasters expect the Federal Reserve to raise interest rates again this month after pausing in June, although a pullback in core price increases could prompt the Fed to hold rates steady for the rest of the year.
Another property insurance carrier is pulling out of Florida
Farmers Insurance will stop writing new business and not renew its existing “Farmers-branded” automobile, home and umbrella policies in Florida, the company said Tuesday. It joins Bankers Insurance, Centauri Insurance and Lexington Insurance in withdrawing from the market since last year.
“This business decision was necessary to effectively manage risk exposure,” the company said in a statement. The move will impact 30% of the company's business in Florida, or roughly 100,000 policies.
Floridians on average are paying about $6,000 for their yearly home insurance premium, an increase of 42% compared with last year, said Mark Friedlander, spokesperson for the Insurance Information Institute. By comparison, the average annual premium in the U.S. costs $1,700.
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🍔 Today's Menu 🍔
Fast-food chains are gearing up to celebrate National French Fry Day on Thursday and Friday. (While the holiday falls on July 14 for the first time this year, some chains – including McDonald's and Smashburger – are opting to continue to offer deals on July 13.)
Deals include a free order of fries of any size this Friday for members of Burger King’s Royal Perks loyalty program, free extra large Famous Seasoned Fries for rewards app members at Checkers & Rally’s Friday through Sunday, and free McDonald’s fries on Thursday at participating locations through the McDonald’s App.
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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.