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Expand chart
Data: U.S. Bureau of Labor Statistics; Chart: Jared Whalen/Axios

Two inflation indexes out this week, taken together, show how companies’ margins are getting squeezed.

Why it matters: Corporate earnings growth, while still historically high, is receding from record second-quarter levels. Margins will be a huge focus during Q3 earnings calls this month.

The big picture: Prices that consumers pay for goods and services have been rising this year, but wholesale prices have risen faster, shrinking the rate of profits that some companies make off their revenue.

  • The alternative, of course, is that consumers shoulder all of the rising costs.

Details: The Consumer Price Index grew 0.5% in September, while its wholesale companion, the Producer Price Index, grew by 0.7%.

  • The total PPI reading has outweighed the headline CPI every month this year.

The bottom line: Expect more price hikes to flow through to consumers.

  • “We're going to find out in the coming months what kind of pricing power [companies] have. It's going to impact profitability if they don't raise prices more,” Tony Roth, CIO at Wilmington Trust, tells Axios.

Go deeper: What does "transitory" mean in the context of inflation

Go deeper

What to expect from Friday's Consumer Price Index report

Illustration: Aïda Amer/Axios

The latest measure of inflation is set for release Friday, as market watchers continue to process last week’s confusing jobs report and try to game out the economic impact of the latest coronavirus variant.

Why it matters: Americans, politicians, and regulators are laser-focused on price gains picking up steam and impacting the overall economic recovery.

Scoop: Trump-backed Perdue says he wouldn’t have certified Georgia 2020 results

Perdue at a December 2020 campaign event in Columbus, Ga. Photo: Elijah Nouvelage/Getty Images

Georgia gubernatorial candidate David Perdue wouldn’t have signed the certification of the state’s 2020 election results if he had been governor at the time, the former Senate Republican told Axios.

  • “Not with the information that was available at the time and not with the information that has come out now. They had plenty of time to investigate this. And I wouldn’t have signed it until those things had been investigated and that’s all we were asking for," he said.

Why it matters: There has been no evidence widespread fraud took place in Georgia's elections last year and the November results were counted three times, once by hand.

Beijing Olympics: These countries have announced diplomatic boycotts

Photo: Zhang Qiang/VCG via Getty Images

Several countries, including Canada and Australia, have announced they will join the U.S. in a diplomatic boycott of the 2022 Beijing Winter Olympics to protest human rights abuses committed by China's government.

Driving the news: Leaders have faced pressure from human rights groups and others to boycott the Games, pointing to the ongoing genocide of Uyghurs and other Muslim minorities in China's Xinjiang region and other abuses.