The ISM Services PMI showed prices paid slumped to the lowest level since February 2021, down 7.8 pts to 72.3 in July. Although still relatively elevated, costs are rising at a slower pace compared to previous months amid fading demand and easing supply constraints.
U.S. gas prices continued to fall, down to $4.14/gal. in the first week of August. That marks the sixth straight weekly drop amid a broader retreat in oil and other commodity prices.
A United Nations gauge showed global food prices plunged 8.6% in July, marking the biggest drop since 2008. The index fell to the lowest level since January, before Russia’s invasion of Ukraine that ignited record food costs.