Monday’s business headlines

INDIANAPOLIS (WISH) — Here’s a look at Monday’s business headlines with Jane King.

New report: Inflation costing the average American $717 per month

New analysis shows inflation is costing the average American $717 a month. In Indiana, that cost is approximately $686 per month.

Higher prices have already cost Americans $8,607 over the past year.

The Joint Economic Committee Republicans, who launched a state inflation tracker in April to monitor how much higher prices are costing Americans across the U.S., calculated the figure by comparing prices for goods and services in July versus how much households would have paid for those same items in January 2021.

Gas prices plummet 45 cents over three weeks

The average U.S. price of regular-grade gasoline plummeted 45 cents over the past three weeks to $4.10 per gallon.

Industry analyst Trilby Lundberg, of the Lundberg Survey, said Sunday that the continued decline comes as crude oil costs also remain low.

A separate survey last week showed the average price at $3.99 per gallon.

AAA says gas prices in central Indiana have fallen about 12 cents in the past week.

Drought conditions threaten tomato crops

California leads the world in the production of processing tomatoes — the variety that gets canned and used in commercial kitchens to make some of the most nation’s popular foods.

The problem is that the worst drought in 1,200 years is forcing farmers to grapple with a water crisis that’s undermining the crop, threatening to further push up prices on products from salsa to spaghetti sauce.

Investors to digest July’s sales data and corporate earnings

Retail is a major focus this week, with investors digesting July’s sales data on Wednesday and corporate earnings throughout the week from major players including Walmart, Home Depot, Lowe’s, Target, TJX Companies, and Kohl’s.

Investors will also get fresh updates from the conference board’s index of economic leading indicators and existing home sales.

Colleges using TikTok to recruit students

More colleges are using TikTok to recruit students.

The website Bizjournals says Siena College, a private Franciscan college in New York, is one of the schools that believe TikTok is an effective way to reach potential students.

A survey by College Pulse says more college students are using social media to find a job.