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Is inflation just couch surfing? Or is it moving in for real?
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Consumer prices are up again, but some economists still see this as temporary and having to do with an economy trying to recover. Plus, what methods government officials are trying to use to combat fuel shortages. Also, a legal victory for Amazon over a big European tax bill. And, a Kurdish market in Nashville damaged by severe flooding is able to reopen in time to serve its community during Ramadan.
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Here's some context for the large increases in consumer prices
The year-over-year reading on consumer prices shows a 4.2% increase. That's the highest since 2008. However, that's compared to April 2020 and its plunging prices at the start of the pandemic. "That annual number is distorted because we were in a pandemic," said Susan Schmidt, head of U.S. equities at Aviva Investors. "People weren't going out. Everything was shutting down. Costs were of course dropping. And so when you look at that in comparison, you're going to get a large number. Markets expected that coming into today, and that's why you're not seeing a huge move in the market this morning." Schmidt says that for the next several months, investors will be focused on whether or not this type of increase is just a blip. "Is this inflation? Or is this just a year-over-year sign that the economy is getting back to normal? And that debate is going to rage on in the coming months. We're not going to know for sure, really, until we get to the fall."
Georgia, for example, has increased the amount of weight trucks are allowed to carry on its roads and bridges.
Amazon wins EU court fight over $300 million tax ruling
The BBC's Victoria Craig has more.
Nashville's Botan Market reopened in time to serve its community during Ramadan.