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Data: Bureau of Labor Statistics; Chart: Axios Visuals

The Consumer Price Index rose 0.4% in December, the biggest increase since August, largely because of rising gasoline prices, the U.S. Bureau of Labor Statistics reported.

Details: The increase "was driven by an 8.4% increase in the gasoline index, which accounted for more than 60% of the overall increase," BLS said.

  • The core index, which strips out volatile food and energy prices, rose 0.1% for the month after rising 0.2% in the previous month.

Yes, but: For the year, CPI rose just 1.4% for the 12 months ending December, a slightly larger increase than the 1.2% rise in November.

  • That was slightly more than expected but still well below the Fed's 2% inflation target. (The Fed also prefers to track the personal consumption expenditures metric, which has historically shown lower readings than CPI.)

Go deeper

Ben Geman, author of Generate
Jan 19, 2021 - Energy & Environment

SUV emissions rose during the pandemic, analysis finds

Data: IEA; Chart: Axios Visuals

A remarkable new finding from the International Energy Agency: While energy-related carbon emissions fell steeply last year, emissions from SUVs actually rose slightly (by an estimated 0.5%).

Why it matters: The analysis underscores the rising prominence of SUVs in the global vehicle market. It's a trend that makes cutting emissions from transportation harder because bigger vehicles generally consume more fuel.

Dion Rabouin, author of Markets
Jan 19, 2021 - Economy & Business

Biden's inflation danger

Illustration: Sarah Grillo/Axios

President-elect Joe Biden's $1.9 trillion stimulus proposal has economists and bullish market analysts revising their U.S. growth expectations higher, predicting a reflation of the economy in 2021 and possibly more booming returns for risk assets.

Yes, but: Others are warning that what's expected to be reflation could actually show up as inflation, a much less welcome phenomenon.

Dan Primack, author of Pro Rata
15 mins ago - Economy & Business

Scoop: Red Sox strike out on deal to go public

Illustration: Sarah Grillo/Axios

The parent company of the Boston Red Sox and Liverpool F.C. has ended talks to sell a minority ownership stake to RedBall Acquisition, a SPAC formed by longtime baseball executive Billy Beane and investor Gerry Cardinale, Axios has learned from multiple sources. An alternative investment, structured more like private equity, remains possible.

Why it matters: Red Sox fans won't be able to buy stock in the team any time soon.