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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

Jan 28, 2021 - Health

Drug prices in the U.S. are much higher than in other countries

Illustration: Sarah Grillo/Axios

Prescription drug prices in the U.S. are more than 256% higher than other 32 other countries, with the gap driven by brand-name drugs, a new report by nonpartisan RAND Corporation shows.

The big picture: Drug spending in the U.S. jumped by 76% between 2000 and 2017, and the costs are expected to only increase over the next decade, per the report.

New York AG alleges "significant evidence" of Trump Organization fraud

Combination images of former President Trump and New York State Attorney General Letitia James. Photo: Al Drago/Bloomberg via Getty Images; Scott Heins/Getty Images

New York's attorney general filed a motion Tuesday seeking to compel former President Trump and two of his children, Donald Trump, Jr. and Ivanka Trump, to appear for sworn testimony in her office's civil investigation into the Trump Organization's financial dealings.

Why it matters: Attorney General Letitia James revealed new details in the court filing on her office's investigation into the Trump Organization's business practices, including a preliminary finding alleging the Trump Organization used "fraudulent and misleading asset valuations to obtain economic benefits."

Go deeper: Trump seeks N.Y. attorney general's recusal from civil investigation

Editor's note: This a breaking news story. Please check back for updates.

2 hours ago - Technology

Ex-N.Y. Post digital chief files lawsuit alleging sexual harassment

Richard B. Levine) (Photo by Richard Levine/Corbis via Getty Images

Former New York Post editor Michelle Gotthelf is suing her former employer, its parent company News Corp. and two editors, alleging she was reprimanded after complaining to senior executives that she was sexually harassed by retired N.Y. Post editor-in-chief Col Allan. The N.Y. Post issued a statement denying any wrongdoing.

Why it matters: "I felt that I owed it to myself and I owed it to the news organization and the people who answered to me," Gotthelf, who was a long time editor at the N.Y. Post, told Axios in an interview.