Here’s the deflation breakdown for August 2024 — in one chart
D3sign | Moment | Getty Images
Inflation cooled in August and fell to its lowest level since February 2021, which was around the time the consumer price index began to climb during the pandemic era.
This broad trend in the U.S. economy — a declining but still-positive rate of inflation — is known as “disinflation.” It means that, in aggregate, the average prices of goods and services are rising, just more slowly.
However, there are also pockets of “deflation.” Their inflation rate is negative, meaning prices are falling.
Deflation has largely been happening for physical goods such as cars and household appliances, though it has also appeared in categories such as gasoline and various groceries over the past year, according to the consumer price index.
That said, consumers shouldn’t expect — or root for — a broad and sustained fall in prices across the U.S. economy. That generally doesn’t happen unless there’s a recession, economists said.
‘A huge shift in demand’
Prices for “core” goods — commodities excluding those related to food and energy — have deflated by about 2% since August 2023, on average, according to CPI data.
They fell 0.2% during the month, from July to August 2024.
The dynamic of falling goods prices has largely been due to a “normalization” of supply-and-demand trends that were thrown out of whack during the pandemic, said Stephen Brown, deputy chief North America economist at Capital Economics.
Demand for physical goods soared in the early days of the Covid-19 pandemic as consumers were confined to their homes and couldn’t spend on things such as concerts, travel or dining out. Households also had more discretionary income due to the pullback on spending coupled with federal aid.
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“We saw a huge shift in demand, in terms of the type of things people were spending on, where you weren’t going out as much,” said Sarah House, senior economist at Wells Fargo Economics.
The pandemic also snarled global supply chains, meaning goods weren’t hitting the shelves as quickly as consumers wanted them.
Such supply-and-demand dynamics drove up prices.
However, those economic contortions have largely eased and prices have deflated as a result, economists said.
Where prices have deflated
For example, prices have declined by about 5% for furniture and bedding and 3% for appliances since August 2023, according to CPI data.
They’ve also fallen for tools, hardware and outdoor equipment, which are down 3%, toys, down 3%, and apparel, such as men’s suits and outerwear, down 10%, women’s outerwear, down 9%, and footwear, down 1%.
Prices for new and used vehicles have fallen by 1% and 10%, respectively, since August 2023. Car and truck rental prices have deflated about 8%.
Car prices were among the first to surge when the economy reopened broadly early in 2021, amid a shortage of semiconductor chips essential for manufacturing.
Recent declines in car prices are largely due to “the inventory picture being more improved in the overall vehicle space,” House said. Higher financing costs have also reduced consumer demand, economists said.
Outside of supply-demand dynamics, the U.S. dollar’s strength relative to other global currencies has also helped rein in prices for goods, economists said. This makes it less expensive for U.S. companies to import items from overseas, since the dollar can buy more.
Long-term forces such as globalization have also helped, by increasing imports of more lower-priced goods from China, economists said.
Airline fares have declined about 1% over the past year, according to CPI data.
The drop is partly attributable to a decline in jet fuel prices, Capital Economics’ Brown said.
Average aviation jet fuel prices are down about 21% from last year, according to the International Air Transport Association.
Grocery prices have fallen for items such as apples, potatoes, ham, coffee, rice, seafood and bananas, according to CPI data. Each grocery item has its own supply-and-demand dynamics that can influence pricing, economists said.
Other categories’ deflationary dynamics may be happening only on paper.
For example, in the CPI data, the Bureau of Labor Statistics controls for quality improvements over time. Electronics such as televisions, cellphones and computers continually get better, meaning consumers generally get more for the same amount of money.
That shows up as a price decline in the CPI data.
![Classic Jeep Grand Wagoneer gets a battery electric makeover [video]](https://i0.wp.com/electrek.co/wp-content/uploads/sites/3/2025/11/grand-wagoneer_EV_2.jpg?resize=1200,628&quality=82&strip=all&ssl=1)
Texas-based tuning firm Vigilante 4×4 is known for its wild, high-horsepower Jeep SJ Hemi restomods – but they’re more than just a hot rod shop. To prove it, they’ve developed a bespoke, all-electric skateboard chassis designed to turn the classic Jeep Grand Wagoneer into a modern, desirable electric SUV.
The scope of the Vigilante 4×4 electric chassis project is truly impressive. More than just a Jeep SJ frame with an electric drive train bolted in, the chassis is a completely fresh design that utilizes precise 3D scans of the original SJ Wagoneers, Grand Wagoneers, and J-Trucks to establish hard points, then fitted with low-slung battery packs to give the electric restomods superior weight balance, a lower center of gravity, and objectively improved ride and handling compared to its classic, ICE-powered forefathers.
The result is a purpose-built platform that delivers power to the wheels through a dual-motor system – one mounted in the front, and one at the rear – to provide a permanent, infinitely variable four-wheel drive system that offers both on-road performance and the kind of off-road capability that made the Grand Wagoneer famous in the first place.
Vigilante 4×4 electric Jeep SJ
“This isn’t a replacement for our Vigilante HEMI offerings,” reads the official copy. “It’s a total revisit of the Vigilante platform under electric power.”
The company emphasizes that its new chassis is still in the prototype stages. As such, there are no specs, there is no pricing, there are no range estimates. Despite it all, the response from Jeep enthusiasts has already been strong. “Keep in mind this is our first prototype,” a spokesperson said. “There’s still a lot of work to be done – but the journey has begun.”
Electrek’s Take
Retro done wrong – think the Dodge Charger Daytona EV or VW ID.Buzz – is a disaster. Always. If that nostalgic tone is just a little bit off, the song doesn’t work. The heartstrings don’t pull. Done right, however, the siren song of nostalgia will have you putting a second mortgage on your house to put a Singer Porsche or ICON Bronco in your garage.
It’s too soon to tell what side of that line the Vigilante 4×4 Jeep SJ will eventually fall, but one thing (at least) is certain: it’s closer to the mark than that Wagoneer S.
SOURCE | IMAGES: Vigilante 4×4, via Mopar Insiders.
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EQORE, a distributed battery storage startup based in Somerville, Massachusetts, has raised $1.7 million in seed funding to help industrial buildings tackle rising electricity costs. The round was oversubscribed and includes backing from the Massachusetts Clean Energy Center (MassCEC), Henry Ford III of Ford Motor Company, and Jonathan Kraft of The Kraft Group.
The timing couldn’t be more relevant. Data centers are booming, and that demand is slamming an already stressed grid. Big, utility-scale batteries help at the grid level, but they can’t fix the bottlenecks happening on local distribution networks. That’s where onsite storage steps in — storing energy when demand is low and discharging it when demand spikes, which helps stabilize costs for both the grid and the businesses using it.
MassCEC’s head of investments, Susan Stewart, said, “What excites us the most about EQORE’s technology is the dual impact: grid support and customer savings.” She noted that commercial and industrial buildings are ideal hosts for battery storage, but haven’t gotten much attention until now. “EQORE is closing that gap.”
Investor Randolph Mann highlighted what makes the company stand out: “By uniting advanced controls with high‑resolution metering and true end‑to‑end service, EQORE finally makes commercial behind-the-meter storage effortless and financially compelling for businesses.”
EQORE comes out of MIT’s Sandbox program and delta v accelerator and is currently part of the Harvard Climate Entrepreneurs Circle incubator. CEO and cofounder Valeriia Tyshchenko, a third‑generation engineer from Ukraine and MIT graduate, said the new funding will help the company scale alongside its existing revenue.
With the seed round closed, EQORE plans to grow its team and ramp up battery deployments at energy-intensive manufacturing facilities. The company doesn’t just install batteries; it operates them. Its autonomous software shifts when a facility uses power based on market conditions and utility incentives, reshaping load in real-time without disrupting operations.
Read more: Battery boom: 5.6 GW of US energy storage added in Q2
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![Check out Hyundai's cool new off-road electric SUV concept [Images]](https://i0.wp.com/electrek.co/wp-content/uploads/sites/3/2025/11/Hyundai-off-road-SUV.jpeg?resize=1200,628&quality=82&strip=all&ssl=1)
Hyundai took the sheets of its new off-road electric SUV, the Crater Concept, at the LA Auto Show. Here’s our first look at the compact off-roader.
Meet Hyundai’s new off-road SUV, the Crater Concept
We knew it was coming after Hyundai teased the off-road SUV earlier this week, hidden under a drape. Hyundai took the sheets off the Crater Concept at the LA Auto Show on Thursday, giving us our first real look at the rugged off-roader.
Hyundai refers to it as a compact off-road SUV that’s inspired by extreme events. The concept was brought to life at the Hyundai America Technical Center in Irvine, California.
The off-road SUV draws design elements from Hyundai’s Extra Rugged Terrain (XRT) models, such as the IONIQ 5 XRT, Santa Cruz XRT, and the new Pallisade XRT Pro.
Although it’s a concept, Hyundai said the Crater Concept is a testament to its commitment to designing future XRT vehicles that are more functional, more capable, and more emotional.
“CRATER began with a question: ‘What does freedom look like?’ This vehicle stands as our answer,” Hyundai’s global design boss, SangYup Lee said.
The off-road SUV features Hyundai’s new Art of Steel design theme, first showcased on the THREE concept at the Munich Motor Show in September.
Hyundai said the design team was guided by one clear goal: To create a rugged and capable vehicle that’s designed to go anywhere. The Crater Concept embodies that vision with added wide skid plates, 33″ off-road tires, limb risers, rocker panels, and a roof platform.
Hyundai designed the interior for “tech-savvy adventure seekers,” with a singular design centered around a high-brow crash pad that stretches across the dashboard.
The concept also swaps the traditional infotainment setup for a head-up display that spans the entire front window, which Hyundai said includes a live rearview camera.
Hyundai’s off-roader includes a new Off-Road Controller for front and rear locking differentials, as well as a terrain selector with modes including Sand, Snow, and Mud. Other off-road features include downhill brake control, trailer brake control, a compass, and an altimeter.
Although Hyundai said it was electric, it didn’t reveal any further details about the powertrain. The off-road SUV could be a battery-electric or fuel-cell-electric vehicle.
Like the new Nexo, Hyundai’s hydrogen fuel cell vehicle, the concept features “HTWO” lamps exclusive to its FCEVs.
Earlier this week, the design team at Hyundai Design North America also introduced its new design and ideation studio codenamed “The Sandbox.” The creative design studio is set to serve as a global hub for future XRT vehicles and gear.
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