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Consumer prices rose 5% from last May, as pace of inflation ticks up

Consumer prices rose last month by 5% compared to May of 2020, marking the biggest year-over-gain since August 2008, according to Consumer Price Index data released this morning. Prices were .06% higher in May than they were in April.

Why it matters: April’s CPI reading intensified concerns that inflation is heating up and will be hard to contain. Today’s data could stoke those fears further and contribute to a self-fulfilling cycle of rising prices.


  • The White House on Wednesday got out in front of the expected jump in prices, asserting that the current uptick will be a short-term phenomenon, Axios' Hans Nichols reports
  • May's reading was slightly higher than economists' consensus estimates for a 0.4% month-over-month increase and a 4.7% jump from a year ago.

This story is breaking news. Please check back for updates

E3 2021: Nintendo and Ubisoft team up again with Switch sequel “Mario + Rabbids Sparks of Hope"

Two of gaming’s biggest companies are creating a game together for the third time in five years with a Switch sequel, “Mario + Rabbids Sparks of Hope.”

Why it matters: Nintendo rarely lets other companies work with its characters, making its continued partnerships with Ubisoft a rare sign of trust.

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In photos: Harris shows up at Pride parade in downtown D.C.

Vice President Kamala Harris dropped in at the Capitol Pride Walk And Rally in Washington, D.C., on Saturday.

The state of play: Harris and second gentleman, Doug Emhoff, joined the crowd, who welcomed them with cheers, according to press reports.

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A "new industrial revolution" presses the reset button on work

The endgame of the pandemic is giving both employers and workers a chance to create a more humane relationship — both in the office and out of it.

The big picture: Companies need workers, but many employees aren't ready to go back to the way things used to be. A hybrid setup could provide the best possible way forward, if both sides are willing to give.

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Blue Origin auctions off a trip to the edge of space for $28 million

A seat aboard Blue Origin’s first crewed flight to suborbital space fetched $28 million during a live auction on Saturday.

Why it matters: While the market for suborbital tourist flights to space may not be huge, experts say it's an important, public-facing part of the space industry that could popularize it as more people start flying.

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Macron at G7: "It's great to have the U.S. president part of the club"

U.S. President Biden and his French counterpart Emmanuel Macron were all smiles and handshakes during their first formal, in-person meeting on Saturday, with Macron telling pool reporters "it's great to have the U.S. president part of the club."

Why it matters: Biden has made rebuilding the United States' global leadership central to his foreign policy, frequently touting, "America is back."

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More than dozen injured in downtown Austin shooting

A shooting in a busy part of downtown Austin, Texas, early Saturday injured at least 13 people, including two who are in critical condition.

The state of play: Gunfire erupted around 1:30 a.m. along 6th Street, a popular area with bars and restaurants. The suspected shooter remains at large, Austin police said. "It is unknown if there is one, or multiple suspects involved," they noted, adding the shooting appears to be an isolated incident.

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Biden to urge G7 to take unified approach to countering China

President Biden on Saturday is expected to urge fellow G7 leaders to adopt a unified approach to countering China's rising global influence, AP reports.

Driving the news: The G7 leaders are set to unveil a multi-billion-dollar global infrastructure plan aimed at rivaling Beijing's efforts in the developing world.

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