Axios

Massive economic disruptions cause massive price volatility. That's the lesson of the past 100 years of consumer prices, according to data from the Bureau of Labor Statistics.

Why it matters: By the standards of global disruption — two world wars, the Great Depression, the oil-price shock of the 1970s — today's 6.8% inflation rate, the worst since 1982, seems positively tame.

There's been an uptick in cancellations of special purpose acquisition company (SPAC) mergers, with three since Thanksgiving and eight since the beginning of Q4.

Why it matters: After the SPAC euphoria of 2020 and early 2021, the market is continuing its reverse trip to Earth.

Amtrak faces the threat of a service reduction in January if more employees don't receive the COVID-19 vaccine, the company's president said, per AP.

Driving the news: About 95% of Amtrak workers are at least partially vaccinated ahead of the Jan. 4 vaccination deadline set for employees of federal contractors by the Biden administration, per AP.

Inflation is bursting almost everywhere — a warning that rapid price spikes may stick around.

Why it matters: Until recently, high prices have been shrugged off as temporary, thanks to pandemic-era quirks (read: messed-up supply chains) that are expected to ease.

President Biden said Friday that he's "deeply troubled" by Kellogg Company's decision to replace workers who rejected a tentative settlement this week.

The latest: Kellogg announced this week that it would permanently replace the employees on strike after workers rejected a five-year tentative agreement that included 3% pay raises.

We used to be impressed by two-day shipping, then next-day shipping. Now we want our groceries in just 15 minutes.

Why it matters: Our addiction to super-fast delivery — intensified by the pandemic — is clogging our cities, creating more low-paying jobs, and shuttering mom-and-pop stores on Main Street.

Many early BuzzFeed employees remain unable to sell their shares, even though the company went public this past Monday.

Why it matters: BuzzFeed stock has fallen more than 40%, and so far the company has given no indication that it plans to compensate its former employees for their accelerating losses.

Inrupt, a Boston-based Internet user data control platform, raised $30 million in Series A funding led by Forte Ventures, per TechCrunch.

Why it matters: Inrupt was co-founded by Tim Berners-Lee, who's known as the father of the World Wide Web.

Alex Doñé is stepping down as chief investment officer for New York City, Axios has learned.

Why it matters: Doñé oversees investments for pension systems that hold more than $250 billion, and cover around 700,000 current and former NYC employees and retirees.

This week is bringing fresh signs of intensifying efforts by the world's largest automakers to secure the materials and supply chains needed for the transition to electric vehicles.

Driving the news: General Motors on Thursday announced two deals related to magnets needed for EV motors.

The core Consumer Price Index, the measure of the price of goods and services excluding food and energy, increased 0.5% in November, according to data released Friday.

Driving the news: The headline CPI figure, which measures the price of all items, rose 6.8% over the last 12 months, marking the biggest jump in 39 years.

Copper prices, which catapulted to record highs this year, may find some staying power. And the government of Chile, the world’s largest producer, holds the cards.

Catch up fast: Chile’s Senate just passed a bill that would create a massive additional tax burden on the metal, which is used in electronics and construction, Bloomberg reported.

GameStop and AMC are shedding that unprecedented Reddit day-trader chatter and those eye-popping stock swings — two defining factors for the meme stock cohort.

Why it matters: The hype for the OG meme stocks at the center of the pandemic-era phenomenon has died out.

With inflation numbers expected to come out hot this morning, a group of 56 economists says President Biden’s Build Back Better Act would counteract the impact of rising prices on Americans’ wallets.

Driving the news: The economists signed a letter, released Friday morning in conjunction with left-leaning advocacy group Invest in America Action, urging Congress to pass the social spending plan swiftly, in order to get the ball rolling on programs that will lower costs for essentials like child care, health care and education.

Supreme Court Chief Justice John Roberts on Thursday dismissed an emergency request to block the federal mask mandate for air travel amid litigation in the lower courts.

Driving the news: Michael Seklecki, a Florida resident, filed a lawsuit against the Transportation Security Administration on behalf of himself and his 4-year-old son, and Lucas Wall, from Washington, joined the suit, all citing medical reasons.

A Los Angeles-bound flight from Washington, D.C. was diverted to Oklahoma City after a"combative passenger" assaulted a flight attendant and an air marshal aboard the plane Thursday evening, local police said.

Why it matters: Airlines are dealing with a surge in unruly passengers, with the Federal Aviation Administration confirming over 5,500 cases this year. Most involved mask-related incidents.