🌎 The rising cost of eating

Plus: Disney’s world is magic. Was this newsletter forwarded to you? [Sign up here]( [Quartz]( August 11, 2022 [View in browser]( Good morning, Quartz readers! Here’s what you need to know US food prices keep rising. While the overall inflation rate for July [was zero](, and gasoline prices have fallen [below $4 dollars]( a gallon, groceries are becoming [more expensive.]( Donald Trump pleaded the Fifth. The former president refused to give [any substantial answers]( to the New York attorney general investigating his business practices. Two former JPMorgan traders were found guilty of manipulating gold prices. They were [accused of spoofing,]( a practice outlawed in 2010, in which traders quickly send buy and sell orders without wanting to follow through with them, to create a false sense of demand. Ethereum readies for a major upgrade. [Ether prices rose]( after the network successfully tested its new [proof of stake]( model, a less energy-intensive way to validate transactions. Amazon is launching a palm-reading payment system. Whole Foods stores in California [will be the first]( to deploy the technology. Softbank will slash its stake in Alibaba. The Japanese conglomerate expects to make [$34 billion]( from the [sale of around 38%]( of its most famous investment after reporting a record first-quarter loss. Costa Rica requested to join a trans-Pacific trade bloc. The country [seeks membership]( of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. What to watch for After weeks of rumors and speculation, the Hong Kong government has finally announced that mandatory hotel quarantines for inbound travelers will be shortened [from three days to seven](. But Hong Kong’s stringent quarantine measures and [at-times contradictory]( covid policies continue to deter tourists and business travelers. Its economy has taken a hit from the travel slowdown, sliding into a recession last month following [two consecutive quarters]( of negative GDP growth. Fitch Ratings predicts the economy will [shrink again this year](, as zero-covid policies locally and in mainland China continue to weigh on production, trade, and consumption. However, the easing of quarantine restrictions has already brightened Cathay Pacific’s [second-half outlook]( and sparked a jump in travel searches for [outbound tickets](. The [resumption of flights]( between China and the UK could also signal a further easing of covid restrictions in the near future. Graphic: (Mary Hui) The Mouse in the high castle Walt Disney’s third-quarter earnings had a liberal sprinkling of fairy dust. Theme parks continue to be heroes, but the Mouse may be squeezed along with consumers’ belts due to[inflation]( and [recession]( fears. After all, a week-long Disney vacation “baseline” price for a family of four is $5,731, according to [MouseHacking.com](. Theatrically, Disney’s doing fine, with a huge global showing at the box office for[ Doctor Strange in the Multiverse of Madness]( and[ Thor: Love and Thunder](. And, [unlike with Netflix](, streaming is not this earning report’s villain. This quarter, Disney+ reached 152.1 million subscribers—about 5 million more than forecasts guessed. A lower cost,[ad-supported tier]( is expected to help the streaming service become profitable. A strong slate of content will only help matters, including I Am Groot, She-Hulk: Attorney at Law, and The Guardians of the Galaxy Holiday Special, all on Disney+, as well as the highly-anticipated [Black Panther: Wakanda Forever]( in cinemas. US inflation has finally peaked (we think) US consumer prices didn’t increase at all in July compared to the previous month, coming in much lower than economists’ predictions. Nate DiCamillo explains [what could be next](, barring any unforeseen circumstances like invasions, factory shutdowns, and massive ships wedged into important canals. It’s been quite a time for the global economy, really. Graphic: (Nate DiCamillo) ✦ If stories like these help you get a grip on a rapidly changing world, consider grabbing a membership today [at 40% off](. You’ll be supporting our journalism and unlocking more great email newsletters. Quartz’s most popular 🛒 [How sustainable are the contents of your shopping cart? There’s a database for that!]( 🤥 [Imposters game Bollywood IMDb pages to fool Google…]( 😡 […And only 17% of Indians tricked online get their money back]( 💰 [Serena Williams wants to play a bigger role in venture capital]( 💉 [The US insulin copay cap was a bad idea anyway]( 📺 [HBO’s Industry is Wall Street meets Gen Z existential office angst]( Surprising discoveries A stolen Hindu idol resurfaced at a New York auction house. The 12th century [statuette of the goddess Parvati]( was taken from a temple in 1971. An ancient Chinese recipe for bronze has finally been deciphered. The [translation of two components]( had been lost in translation. The American middle class is hungry for cheap eateries. Restaurant chains [Applebee’s and IHOP]( are seeing a growth among patrons earning more than $75,000 a year. A volcanic island saw its first magma eruptions in 1,000 years. Japanese meteorologists [don’t think they’re significant]( enough to warrant a special report, but Japanese fish disagree. Quartz Daily Brief readers give the best feedback. It’s a subjective measure, but one we feel confident about. Would you take a [very quick survey]( to tell us what supporting a publication means to you? Our best wishes for a productive day. Send any news, comments, cool but not geologically significant sightings, and bronze cookbooks to hi@qz.com. Reader support makes Quartz available to all—[become a member](. 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