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Inflation cools nationally and in Twin Cities
The Consumer Price Index, which measures the change in prices over time, shows the lowest increase in inflation this month in three years.
MINNEAPOLIS — The latest Consumer Price Index released this week shows the cost of goods and services increased 2.4 percent nationwide over the past 12 months, the slowest rate of inflation in three years.
After the Federal Reserve moved to decrease interest rates last month, this week’s CPI report was slightly higher than expected — but not drastically.
“That just means it missed expectations by 0.1 percent. Overall, inflation has continued to come down and that’s the important trend that people should be thinking about,” University of St. Thomas economics professor Tyler Schipper said. “Even though the prices are still high out there, and the sticker shock of the grocery store hasn’t gone away, prices continue to moderate.”
Meanwhile, here in the Twin Cities, the rate of inflation stands at 1.9 percent — even lower than the national average.
Joe Mahon, a regional outreach director at the Federal Reserve Bank of Minneapolis, said that’s largely driven by lower housing costs here in the Twin Cities. Also, locally, gasoline prices and medical care costs are lower than the national average, Mahon said, although costs for things like food and household energy are growing faster than the rest of the U.S.
“Last year, it was kind of a big story that we had the lowest inflation rate in the country of all the large cities nationwide,” Mahon said. “That’s not quite true anymore. Even though the rate of inflation here now is lower than it was a year ago, some other cities have seen their inflation rates come down more than us, so we’re kind of more in the middle of the pack now.”
Overall, the downward trend in inflation both locally and nationally means the Federal Reserve is expected to continue cutting rates. The Fed has its next policy meeting scheduled for early November, shortly after the presidential election.
After a streak of lower-than-expected jobs reports, Professor Schipper said the latest indicators in the labor market this month will help inform Fed policy.
“The unemployment rate fell, we created 250,000-plus new jobs, we actually revised the previous two months upwards. And we’re always worried about putting too much weight on a single data point, but it did change the view of where the labor market is at,” Schipper said. “There will be conversation about how quickly to lower rates but I think they’re going in that direction, where we’ll see, at least one — maybe, possibly, hopefully — two rate cuts by the end of the year, and then more quarterly rate cuts going into 2025.”
MnDOT and airport officials say travelers should plan ahead if traveling on Interstate 494 this weekend.
BLOOMINGTON, Minn. — Whenever you see orange, you know road construction isn’t far away.
On Interstate 494 in Bloomington, orange cones are everywhere, warning drivers of what’s coming this weekend.
“My recommendation is to use our detour route and plan ahead,” MnDOT spokesperson Jesse Johnson says.
MnDOT says starting Friday night at 10, I-494 will be closed to eastbound traffic from Highway 100 to Highway 77.
MnDOT recommends taking the detour at Highway 100, going North to 62 and back down on Highway 77 before rejoining I-494 when the closure ends.
For westbound traffic, the closure on I-494 goes from 35W to Highway 100.
Once again, MnDOT recommends a detour of going up to 62 and then getting back on I-494 after the closure is over.
Michael Schommer with MSP says travelers who have flights this weekend should expect some delays.
He recommends getting to the airport early just in case.
“Generally, that means trying to arrive at the airport no less than two hours before a domestic flight and three hours before an international flight,” Schommer says.
A spokesperson with the Mall of America says despite the construction, they still expect to see a lot of visitors this weekend.
The Mall of America released this statement regarding the 494 closure this weekend:
Over the past three decades, we have experienced many road construction projects. We have found a little extra windshield time doesn’t stop our shopping and entertainment enthusiasts from coming to see us. There are multiple access points to the Mall from major roadways making it easy for everyone to get here. We have a lot of exciting events and activations throughout the season, and we look forward to welcoming our guests.
MnDOT says the closure this weekend is just one part of a multi-year effort to reduce congestion on 494.
In the short term yes, drivers will experience some slowdowns, but MnDOT is hoping to build a better commute that should benefit drivers in the long-term.
“It’s challenging in the moment, but certainly we will see those benefits when the project is done,” Johnson says.
MnDOT says an almost identical weekend road closure will happen two weeks from now.
The closure will begin at 10:00 p.m. on Friday, Oct. 25, and end at 5 a.m. on Monday, Oct. 28.
For more information visit 511mn.org
A local play is shedding light on the story of a family during a dark part of Minneapolis history and the good that came from a friendship.
SAINT PAUL, Minn. — A local play is shedding light on the story of a family during a dark part of Minneapolis history, and the good that came from a friendship between a Black man and his Jewish friend.
It’s the final weekend for ‘Behind the Sun,” debuting professionally at the History Theatre in Saint Paul.
“The play is about my family,” said Stanley Kipper, who co-wrote the play. “We were the first black family in an all-white neighborhood.”
Kipper, a long-time Edina resident, says his family never carried hate after facing discrimination while looking for a home in South Minneapolis in 1956.
“Obie Kipper has finally found the house of his dreams, but there’s one problem: it’s 1956 and Obie’s dream for the future of his family lies outside his redlined neighborhood, in an all-white neighborhood,” the description reads.
Kipper said his father Obie had help from his Jewish friend and his wife, who posed as the Kippers since Jewish people started moving into the neighborhood.
Kipper’s long-time friend, life partner, and co-writer Laura Drake helped guide the professional musician into playwriting.
“It was important that Stan’s voice as a Black person within this play be heard,” said Drake. “It wasn’t my play as a white person, but to be able to help shape it and to give a female perspective was important.”
His director, Richard D Thompson, see’s Stan’s family’s struggles in his own.
“My hope is that they’ll see that these are just common Americans, common people in our American society, looking for that American dream that we all still seek, even to this day,” said Thompson.
If you want to see ‘Behind the Sun’ the show wraps up its run this weekend with performances at History Theatre on Friday, Saturday and Sunday.
Taylor Schultz had earlier been declared incompetent to stand for trial in the murder.
MINNEAPOLIS — The man who allegedly killed a beloved Minneapolis grocer has been deemed fit for trial after earlier being declared incompetent for the court proceedings.
Taylor Schultz is accused of beating 66-year-old Robert Skafte before impaling him with a golf club at Loring Park’s Oak Grove Grocery, where Skafte worked as a clerk, on Dec. 6, 2023.
A Hennepin County judge initially decided to rule Schultz incompetent after officials revealed details of 44-year-old Schultz’s court-ordered psychological evaluation.
Skafte was taken to the hospital for treatment but ultimately died from his injuries. After the killing, Schultz reportedly barricaded himself inside a nearby apartment for nearly six hours before he was arrested without incident. He was later charged with second-degree murder in Skafte’s death.
Schultz’s next court hearing is scheduled for Oct 15.
