TDM: Inflation is easing. Why can't Americans feel it?

Happy Hump Day, TDM readers! This is Swapna Venugopal Ramaswamy bringing you today's top headlines.

If you are not feeling the effects of the easing inflation, you’re not alone.

Just because annual inflation has cooled from a four-decade high of 9.1% in June 2022, that doesn’t mean prices have dropped. In fact, prices are still rising, last at a 3.2% clip in July.

Prices for household cleaning products have risen almost 24% since February 2020, according to the Bureau of Labor Statistics.

Since February 2020, overall prices have jumped nearly 17.5%, which means what cost you $100 before the pandemic now costs you about $17.50 more.

So what's causing the high prices to stay?

Extreme weather, the war in Ukraine and a worker shortage have all contributed to inflation remaining sticky.

📰 More stories you shouldn't miss 📰

Top workplaces: Here's your chance to be deemed one of the top workplaces in the U.S.

Bring the bikini, leave the kids: 4 things to know about sailing with Virgin Voyages

Nearly 145,000 Kia vehicles recalled due to potentially fatal safety hazard. See the list.

Each weekday, The Daily Money delivers the best consumer news from Paste BN. We break down financial news and provide the TLDR version.