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Consumer prices rose last month by 5% compared to May of 2020, marking the biggest year-over-year gain since August 2008, according to Consumer Price Index data released this morning. Prices were 0.6% higher in May than they were in April.

Why it matters: April’s CPI reading intensified concerns that inflation is heating up and will be hard to contain. Today’s data could stoke those fears further and contribute to a self-fulfilling cycle of rising prices.

Moderna announced Thursday that it has requested that the U.S. Food and Drug Administration (FDA) expand an emergency use authorization for its coronavirus vaccine to 12- to 17-year-olds.

Why it matters: The emergency use authorization would allow for the use of the vaccine in adolescents before Moderna receives full FDA approval, a key step in speeding up the country's race to herd immunity and reopening schools safely this fall.

A group of Jewish Democrats in the House is publicly feuding with Rep. Ilhan Omar (D-Minn.) after she tweeted about "unthinkable atrocities committed by the U.S., Hamas, Israel, Afghanistan, and the Taliban," in reference to investigations by the International Criminal Court.

Why it matters: The fight threatens to reopen a fault line within the party that could cost Omar her seat on the House Foreign Affairs Committee, writes Punchbowl News.

The global vaccine supply is finally opening up for countries that desperately need the ammo in the fight against the COVID-19 pandemic.

Driving the news: The Biden administration will buy 500 million doses of the Pfizer-BioNTech coronavirus vaccine to share with countries around the world, with the option to buy an additional 200 million.

Infrastructure talks between the White House and Congress have entered a phase that's making climate advocates extremely nervous.

Why it matters: Environmental groups and even some Democratic lawmakers are increasingly vocal with their fears that the White House will jettison central components of President Biden's climate plan during the talks, which could cause the U.S. to fall short of its new emissions targets.

Besting China is one of the very few goals that Democrats and Republicans in Washington can agree on — as a new White House executive order and Senate passage of a new $200 billion bill, both targeting China's tech industry, show.

Yes, but: Where the Trump administration took an impulsive and haphazard approach to banning Chinese companies and products, President Biden is approaching the China rivalry in a more systematic and process-oriented way.

Never have humans talked, tweeted or texted more words — and found it more difficult to be heard.

Why it matters: In this era of nonstop noise, every person must be a skillful communicator. Yet most struggle at it.

Criminals may have stolen as much as half of the unemployment benefits the U.S. has been pumping out over the past year, some experts say.

Why it matters: Unemployment fraud during the pandemic could easily reach $400 billion, according to some estimates, and the bulk of the money likely ended in the hands of foreign crime syndicates — making this not just theft, but a matter of national security.

The Biden administration will ship the first batch of 500 million doses of Pfizer-BioNTech COVID-19 vaccines to 92 countries and the African Union from August, the White House announced Thursday morning.

Details: "200 million doses will be delivered by the end of this year and the remaining 300 million will be delivered in the first half of 2022," the White House said in a statement.

Texas Attorney General Ken Paxton is under investigation for possible professional misconduct by the state's bar association for his attempts to have President Biden's election win overturned, AP first reported Wednesday.

Why it matters: Paxton is one of the most high-profile lawyers to face potential professional repercussions for using their role to try and help former President Trump in his efforts to have the election results changed, AP notes.

Myanmar's deposed elected leader Aung San Suu Kyi and other detained officials have been formally charged by the military junta, state media reported Thursday morning local time.

Details: "The Anti-Corruption Commission has inspected corruption cases against ex-state counsellor Daw Aung San Suu Kyi. She was found guilty of committing corruption using her rank," the military said, per Bloomberg, which notes she could face up to 15 years in prison for the offense.

As President Biden departed Washington, he told reporters he was going to use his first foreign trip to make "clear to Putin and to China that Europe and the United States are tight and the G7 is gonna move."

Why it matters: The problem is his statements regarding the allies' shared objectives are not supported by the statements and actions of the allies themselves.

Senators representing West Virginia — one of the smallest, whitest and most pro-Trump states in the country — have been holding a Democratic-controlled Senate, House and White House from knocking out big agenda items.

What's happening: Sen. Shelley Moore Capito (R-W.Va.) failed to reach an infrastructure deal with President Biden. And Sen. Joe Manchin (D-W.Va.) has consistently refused to support several of his party’s initiatives, such as voting rights legislation.

The staff shortfalls Americans are finding as they head to restaurants and summer vacation spots illustrate the risk for Democrats over whether the government's extra $300 per week in enhanced unemployment benefits is to blame.

Why it matters: Twenty-five states — all run by Republican governors — are eliminating some or all of the UI benefits. Some are even offering back-to-work bonuses to further encourage a return to work. Expect the results to become midterm fodder next year.

Ahead of Thursday's inflation data, the White House is confident the economic recovery will continue, with sources highlighting recent analysis — including from Goldman Sachs — that inflation will remain transitory.

Why it matters: The monthly release of the Consumer Price Index will add fresh fodder to the debate about whether inflation will be short-term or part of a long-term, and dangerous, cycle. Republican critics are already seizing on the topic.

JBS USA on Thursday announced it had paid hackers "the equivalent of $11 million in ransom" to resolve a cyberattack that forced the meat company to shut down.

State of play: The payment was made in bitcoin, per the Wall Street Journal. The company said it made the decision to pay the ransom after consulting with "internal IT professionals and third-party cybersecurity experts."