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Graphic: Reuters

Prices are expected to keep rising this summer, pushed up by bottlenecks for materials and labor, and surging consumer demand, Reuters reports.

Why it matters: The "Memorial Day Weekend price index" showed leisure-related prices up about 4.3% since the pandemic began — more than overall consumer prices, which rose 3.1% over that period.

Our thought bubble: via Axios' Felix Salmon: Inflation fears are overdone.

  • Consumer prices aren't the real problem — we don’t even notice when prices on Amazon go up and down. What matters are the big things: housing, healthcare and college.

When people say "inflation," Felix notes, what they often mean is the feeling that a good lifestyle is increasingly unaffordable. That’s not really a function of retail prices.

  • And inflation figures reflect genuinely higher living standards for hourly workers, which feels like a tradeoff worth making.

Go deeper: "Don't fear inflation."

Go deeper

Latin America countries are worried about inflation

Illustration: Sarah Grillo/Axios

Chile’s central bank became the latest in Latin America to hike interest rates this week, startling markets with a decision to double its overnight rate.

Why it matters: Inflation has been running high in parts of Latin America. And central bankers across the region don’t have the luxury of maintaining a “looser for longer” monetary policy the way the Fed and the ECB do.

Updated 3 hours ago - World

North Korea claims latest missile test new weapon launched from submarine

North Korean state media claims the country's military fired this missile on Tuesday. Photo: Korean Central News Agency

North Korean state media announced that a detected ballistic missile launch off its east coast on Tuesday was a newly developed weapon test-fired from a submarine.

Why it matters: Pyongyang's latest in a series of recent missile launches into the sea happened hours after U.S. officials emphasized their commitment to restart negotiations on North Korea's nuclear weapons program, which have stalled since talks broke down during the Trump administration, AP notes.

5 hours ago - Politics & Policy

Manchin's massive means test

Illustration: Aïda Amer/Axios

Sen. Joe Manchin (D-W.Va.) is offering progressives a trade: He'll vote for their cherished social programs if they accept strict income caps for the recipients, people familiar with the matter tell Axios.

Why it matters: Manchin’s plan to use so-called means-testing for everything from paid family medical leave to elder and disabled care would drastically shrink the size and scope of the programs. It also would bring a key moderate vote to the progressive cause.