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Data: Bureau of Labor Statistics via FRED

June's jump in consumer prices was the biggest year-over-year increase for any month since 2008 — a surprising 5.4%, with used cars and trucks responsible for one-third of the surge.

Why it matters: The White House was counting on fleeting inflation. Now, it's starting to look like it could last.

Many of the biggest gains were for goods and services we need as we go back into the world: Plane tickets, hotels, restaurants and cars all jumped.

  • Cars — rental and used — are the biggest culprit, accounting for nearly half of the 0.9% increase from May. But there's evidence that car inflation has peaked.

A silver lining: Price jumps in hospitality, including a 0.7% increase for restaurants, are a result of a rise in wages.

What's next: Economists expect inflation will cool off in the second half — especially if car prices start to revert to normality.

Go deeper

Oct 15, 2021 - Podcasts

Inflation: A cause for concern?

Inflation: A cause for concern? The global energy crisis is becoming a bigger problem for the economy. The Consumer Price Index — the best way to measure inflation in the U.S. — jumped 5.4 percent compared to last year in September, according to new data released this week. How is the Federal Reserve and the Biden administration reacting to this latest news?

Axios Re:Cap talks with Axios’ chief financial correspondent Felix Salmon who’s been reporting on the latest news.

Oct 15, 2021 - Podcasts

The bad and the good in the latest inflation data

The global energy crisis is causing a whole series of economic headaches, not the least of which is inflation. The Consumer Price Index, the best American measure of inflation, jumped 5.4% in September, compared to last year. That's according to new data out this week.

  • Plus, the fallout of bigotry in the NFL.
  • And, celebrating Latino ingenuity to close Hispanic Heritage Month.

Guests: Axios' Felix Salmon and Kendall Baker, and Telemundo's Marina Franco.

Credits: Axios Today is produced in partnership with Pushkin Industries. The team includes Niala Boodhoo, Sara Kehaulani Goo, Dan Bobkoff, Alexandra Botti, Nuria Marquez Martinez, Sabeena Singhani, Alex Sugiura, Lydia McMullen-Laird, Michael Hanf, and David Toledo. Music is composed by Evan Viola. You can reach us at podcasts@axios.com. You can text questions, comments and story ideas to Niala as a text or voice memo to 202-918-4893.

Go deeper:

11 mins ago - Health

The drugs pushing prescription prices down for Medicare patients

Illustration: Annelise Capossela/Axios

Although net prices of brand-name drugs have increased significantly over the last decade, the savings produced by generics have actually driven average prescription prices down in Medicare's pharmacy benefit and Medicaid, according to a new analysis by the Congressional Budget Office.

Why it matters: The analysis reiterates that the generic market is largely working as intended.