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ECONOMY

Celebrating Decline

Inflation’s chill pill is kicking in.

The consumer price index (CPI), a broad measure of prices for goods and services, rose 2.9% over the past year—the first time inflation has been below 3% since 2021. The cost of some items actually dropped in the last year: apples (-14.5%), used cars (-10.9%), and furniture (-5.2%).

July’s report wasn’t all rainbows and downward-sloping graphs. The cost of housing rose at a faster pace—accounting for 90% of the month’s total inflation—and the cost of other items remains up from last year: eggs (+19.1%), car insurance (+18.6%), and sporting events (+8.8%).

For now, it seems the Federal Reserve has pulled off the mystical “soft landing” (reducing inflation without causing a recession) and is expected to cut interest rates next month.

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CHRISTIAN PERSPECTIVE
Whether inflation is rising or falling, Christians should continue seeking to give generously to those in greater need. At the end of the day, everything we have in our bank accounts is the Lord’s first.

“Don’t neglect to do what is good and to share, for God is pleased with such sacrifices.”
Hebrews 13:16 (CSB) (read full passage)

WORLD

Outbreak

The WHO declared Africa’s mpox outbreak a global health emergency on Wednesday.

The disease, formerly known as monkeypox, began circulating in Congo but has spread through 13 African countries (and to one individual in Sweden), producing fever, respiratory symptoms, swelling, pain, and rashes among 17,500+ individuals. The virus spreads through close contact and contaminated materials like sheets and needles.

Mpox also prompted a global emergency in 2022, but this year’s strain is more “worrying” due to the increased death toll (537 vs. 200), larger at-risk population (women and children vs. gay and bisexual men), and a higher death rate (3% vs. 0.2%).

Africa CDC hopes the emergency declaration will garner international support. The U.S. has already pledged $424 million in humanitarian aid and 50,000 mpox vaccines to Congo. 

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CHRISTIAN PERSPECTIVE
It’s easy to become anxious as mpox and other diseases mutate and spread. Remember the Lord’s promise to be with his people in troubling and uncertain times all the way into eternity. 

“Do not fear, for I am with you; do not be afraid, for I am your God. I will strengthen you; I will help you; I will hold on to you with my righteous right hand.” 
Isaiah 41:10 (CSB) (read full passage)

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WORLD

Negotiations Continued

Everyone’s hoping this round of ceasefire talks will be different.

Officials from Israel, Egypt, the U.S., and Qatar are on day two of negotiations for a ceasefire in Gaza; representatives from Hamas did not join but would reportedly be consulted. Sticking points between Israel and Hamas include the timeline for hostage releases and the shaping of the “day after” the war in Gaza. 

Israeli officials have said this is the “last chance” as fears of a wider regional war with Iran grow. Officials from France and the U.K. are in Israel today trying to prevent that escalation.

The talks come as the Hamas-run Gaza Health Ministry announced that the Palestinian death toll in the 10-month-old war has crossed 40,000. Israel says it's killed over 17,000 Hamas operatives and lost 329 Israeli soldiers. 

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CHRISTIAN PERSPECTIVE
War is heavy and ugly and reminds us of the need for redemption through Christ. Jesus came to lighten our burdens and bring us unexplainable peace. Pray that the Middle East would experience the peace that comes through Christ alone. 

“Don’t worry about anything, but in everything, through prayer and petition with thanksgiving, present your requests to God. And the peace of God, which surpasses all understanding, will guard your hearts and minds in Christ Jesus.”
Philippians 4:6-7 (CSB) (read full passage)

Japan is saying sayōnara to Prime Minister Kishida. The PM is stepping down and will not seek reelection when his term ends next month. The decision follows a series of scandals within his political party, including allegations that it rerouted donations to lawmakers as kickbacks. Kishida said his departure was the first step in showing the party would “change.”
 
 
Ukraine keeps pushing into Russia. Ukraine’s President Zelenskyy credited soldiers with capturing their largest Russian city yet: Sudzha (prewar population 5,000). Meanwhile, the Biden administration is reportedly “open” to sending long-range cruise missiles to beef up Ukraine’s air power. For now, Ukraine is not authorized to use U.S.-gifted missiles within Russia.
 
 
Another Ivy League president is #OpenToWork. Columbia University’s President Minouche Shafik is resigning following opposition to her handling of on-campus protests over the Israel-Hamas war. She faced criticism for authorizing the arrests of protestors and for her House testimony on the University’s handling of antisemitism. The presidents of Harvard and Penn resigned for similar reasons, earlier this year.
 
 
Sweet and (now) salty: Candy giant Mars (Snickers and M&M'S) is acquiring Kellanova (Cheez-Its and Pringles) for $36B in cash. Mars plans to harness the new partnership to expand both companies’ business in Africa and China. In other (bitter)sweet news, Wally Amos (88), the man who made Famous Amos cookies famous, died from complications related to dementia.
 

Five people have been charged in connection to Matthew Perry’s death last year, including two doctors and the actor’s live-in assistant. Prosecutors allege they took advantage of Perry’s addiction to enrich themselves, once selling the Friends star $12 worth of ketamine for $2,000 after his regular doctors refused to prescribe him more. Three defendants—including his assistant—have pleaded guilty.

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Steph Juliot | Writer