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Data: U.S Bureau of Labor Statistics; Chart: Axios Visuals

U.S. producer prices rose by the most since October 2018 last month, following a 0.2% decline in June.

Details: U.S. PPI for final demand, a measurement of prices paid by businesses, increased 0.6% last month, driven by a surge in portfolio management fees and the rising cost of gasoline.

  • However, year over year through July PPI dropped 0.4% after falling 0.8% in the 12 months through June.
  • The index was growing at a yearly pace of around 2% as recently as January.

Why it matters: “Fed officials will see no reason to be on high alert for inflation pressures after today’s modest rebound in producer prices and there is little reason for them to temper their highly stimulative monetary policy,” Chris Rupkey, chief economist at MUFG, told Reuters.

Go deeper

Ben Geman, author of Generate
Nov 5, 2020 - Energy & Environment

Visualizing the checks on Biden's oil plan

Data: BloombergNEF; Chart: Sara Wise/Axios

The chart above helps visualize one reason why the oil industry doesn't have reason to completely freak out over emerging election results. It shows, via the research firm BloombergNEF, the amount of U.S. oil production on federally owned vs. private lands.

Why it matters: One of the most aggressive parts of Biden's agenda is ending new drilling permits on federal lands and waters. But as you can see, a large majority of U.S. output is on private lands.

The Biden climate doctrine emerges at summit

Illustration: Annelise Capossela/Axios

President Biden's climate summit is highlighting a White House approach that blends diplomacy, executive power, salesmanship and a few threats too.

  • Here are a few pillars of the emerging Biden doctrine.

Biden gets mixed grades on revolving door

Illustration: Sarah Grillo/Axios

President Biden is getting mixed marks for his reliance on industry insiders to staff his administration during its first 100 days.

Why it matters: Progressives have leaned on the new president to limit the revolving door between industry and government. A new report from the Revolving Door Project praises him on that front but highlights key hires it deems ethically questionable.