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Expand chart
Data: U.S. Bureau of Labor Statistics; Chart: Michelle McGhee/Axios

While a 5% increase in the Consumer Price Index grabbed headlines on Thursday, a third of it was driven by higher prices for used cars and trucks, which jumped 29.7% from a year ago. And the gas index was up 56.2%.

Why it matters: Underneath the hood of the CPI numbers, it's clear that not all items moved in tandem.

  • Cosmetics, perfume, bath, nail preparations and implements were down 0.7%.
  • While beer, ale and other malt beverages increased 2.4% when consumed away from home, those same items enjoyed at home were up only 0.4%.
  • Similarly, the cost of wine sipped away from home increased 1.8%; at home, it was up 1.2%
  • Whiskey is only measured at home (three fingers is best!), where it was up 3.7% from last year.

Between the lines: Inflation — and crucially, inflation expectations — has a psychological component, both for consumers and investors.

  • If consumers expect prices to keep going up, they'll try to purchase now, which, in turn, will push prices even higher.
  • Investors and financial markets aren't worried — yet. The markets largely shrugged off Thursday's report, even though the headline number was higher than expected.

Be smart: Some economists are putting more of a premium on next month's data, when the so-called "base effect" will be less pronounced.

Go deeper

Bryan Walsh, author of Future
Sep 15, 2021 - World

The global food price crisis isn't going away

Data: Food and Agriculture Organization of the United Nations; Chart: Axios Visuals

Global food prices have continued to rise throughout the pandemic, and they're now at close to the highest level they've been in decades.

Why it matters: Beyond the hunger and suffering that comes with costlier food, high prices are driving serious political discontent around the world — and there's little relief in sight.

Scoop: Stephanie Ruhle to replace Brian Williams on MSNBC

Photo: Nathan Congleton/NBCU Photo Bank/NBCUniversal via Getty Images via Getty Images

MSNBC will soon announce plans to move morning anchor Stephanie Ruhle to the 11 pm ET hour that Brian Williams turned into an elite destination, two sources familiar with the move tell Axios.

Details: The 9 am ET hour, currently hosted by Ruhle, will become part of MSNBC's flagship morning show, "Morning Joe," which currently runs from 6 am to 9 am ET.

Oath Keepers leader denied bail on Capitol riot sedition charge

Oath Keepers co-founder Elmer Stewart Rhodes. Photo: Susan Walsh/AP

A federal judge ordered Oath Keepers leader Stewart Rhodes to remain jailed Wednesday until trial on charges stemming from the Capitol riot.

Why it matters: The judge said the most prominent far-right figure charged in the Jan. 6, 2021, insurrection had access to weapons and his alleged "continued advocacy for violence against the federal government" gave credence to prosecutors' view that, if released, Rhodes could endanger others.

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