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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.

Tech scrambles to derail inauguration threats

Illustration: Sarah Grillo/Axios

Tech companies are sharing more information with law enforcement in a frantic effort to prevent violence around the inauguration, after the government was caught flat-footed by the Capitol siege.

Between the lines: Tech knows it will be held accountable for any further violence that turns out to have been planned online if it doesn't act to stop it.

Dave Lawler, author of World
2 hours ago - World

Uganda's election: Museveni declared winner, Wine claims fraud

Wine rejected the official results of the election. Photo: Sumy Sadruni/AFP via Getty

Yoweri Museveni was declared the winner of a sixth presidential term on Saturday, with official results giving him 59% to 35% for Bobi Wine, the singer-turned-opposition leader.

Why it matters: This announcement was predictable, as the election was neither free nor fair and Museveni had no intention of surrendering power after 35 years. But Wine — who posed a strong challenged to Museveni, particularly in urban areas, and was beaten and arrested during the campaign — has said he will present evidence of fraud. The big question is whether he will mobilize mass resistance in the streets.