Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!
Data: UN FAO food price index; Chart: Axios Visuals

Year-end data from the U.S. and around the world show a consistent theme — steadily increasing prices.

Driving the news: The Food and Agriculture Organization’s food price index rose for the seventh straight month in December, rising to its highest in six years.

Where it stands: In most of the world, consumer price index (CPI) and personal consumption expenditure (PCE) readings are being held down by weak employment levels and minimal wage increases as well as the cost of elective purchases like hotel stays, airfares and apparel.

  • However, the cost of things like food and other goods has been creeping higher for most of the year.

By the numbers: The prices paid index for the U.S. services sector jumped to its highest level since early 2012 in November and hovered near that level last month, while the prices paid for the manufacturing sector rose to their highest since 2018 in December.

  • The market has been steadily pricing in higher inflation for months, with 5-, 10- and 30-year breakeven inflation rates breaching their highest levels in two years earlier this week.

What's happening: Supply chains are being disrupted and the pandemic is wreaking havoc on workforces across the globe. Additionally, like gold and most commodities, food supplies largely are priced in dollars, and as the dollar has fallen to its weakest level in more than 2½ years, food prices have risen.

Between the lines: The latest report from the Census Bureau found some 29 million American adults reported that their household sometimes or often didn’t have enough to eat in the last week.

  • That adds up to 14% of all adults in the country, a number that rises to 18% of adults with children, 21% of Latinos and 24% of Black adults.
  • Just 3.4% of adults reported that their household had “not enough to eat” at some point over the full 12 months of 2019.

The last word: “It’s particularly heartbreaking because before COVID hit, we were on a pathway to end childhood hunger and had seen remarkable progress over the last several years, all of which was undone in just a matter of months,” Lisa Davis, SVP of nonprofit Share Our Strength’s No Kid Hungry campaign, said on a call with reporters in December.

Go deeper

Dion Rabouin, author of Markets
Jan 29, 2021 - Economy & Business

The state of the U.S. economy after one year of the coronavirus

Source: St. Louis Fed; Billions of chained 2012 dollars; Chart: Axios Visuals

The U.S. economy shrank by 3.5% last year, the Commerce Department reported, with the country seeing both its largest quarterly GDP decline and its largest quarterly GDP increase in the second and third quarters, respectively.

Where it stands: The 3.5% decline is the worst year for the U.S. since at least the end of World War II, and the economy is more than $473 billion smaller than it was before the pandemic hit.

Updated 18 mins ago - Politics & Policy

In photos: Tears, hugs, cheers as U.S. reacts to Chauvin guilty verdict

People react after the verdict in the Derek Chauvin trial in Minneapolis, Minnesota. Photo: Scott Olson/Getty Images

People across the U.S. rallied into the night Tuesday, cheering, hugging and crying tears of relief after a jury found former Minneapolis police officer Derek Chauvin guilty in the murder of George Floyd.

Driving the news: After Chauvin was found guilty of second-degree murder, third-degree murder and second-degree manslaughter, Floyd family lawyer Ben Crump tweeted, "GUILTY! Painfully earned justice has finally arrived for George Floyd’s family. ... Justice for Black America is justice for all of America!"

Columbus police officer fatally shoots Black teenage girl

Photo: Eric Lee/Bloomberg via Getty Images

The Ohio Bureau of Criminal Investigation is investigating the fatal police shooting of a Black teenage girl in Columbus on Tuesday afternoon.

Of note: The shooting of the girl, identified by family members as Ma'Khia Bryant, 16, occurred just before the verdict was announced in the Minneapolis murder trial of former officer Derek Chauvin, and as the nation grapples with police reform.

You’ve caught up. Now what?

Sign up for Mike Allen’s daily Axios AM and PM newsletters to get smarter, faster on the news that matters.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!