Morning Report: Inflation falls along with grocery prices

Inflation dropped in March for the ninth consecutive month. Grocery prices went down, but rent contributed the most to the monthly gain. Soon, the Federal Reserve may be able to wrap up its interest rate hiking campaign as inflation cools.

Anheuser-Busch has seen its value nosedive nearly $5 billion since Bud Light’s polarizing partnership with transgender activist, Dylan Mulvaney. The beer maker’s stock shed more than 1.5% on Wednesday alone. Through the plummet, country music singer John Rich said he pulled cases of Bud Light from his bar Nashville, Tennessee bar as part of a boycott against Anheuser-Busch. Conservative rocker, Kid Rock, had an explosive reaction to the news. He used several Bud Light cases for target practice in a viral video.

Stocks began the day higher after data showed inflation eased up in March. Inflation is down to its lowest level in nearly two years. Stocks then lost steam in the afternoon. Federal Reserve minutes showed the governors believe that the banking crisis will lead to a recession in the U.S. later this year.

The Postal Service is upping first-class stamp prices to 66 cents. They cited inflation as the cause. Stamp prices have nearly doubled over the past two decades, increasing from just 37 cents in 2002.

Restaurant prices outpaced grocery prices over the past year. March, food prices rose 8.5% over the last 12 months, fueled by the expense of eating away from home.