4.13.2023

Inflation Continues, Pace Slows

US inflation rose 5% year-over-year in March, the smallest 12-month increase in nearly two years (see chart), according to government data released yesterday. The figure is lower than the 6% rate in February and marks the ninth consecutive year-over-year decline in the consumer price index—a measure of inflation that tracks the change in prices of a basket of goods and services (see 101). 

Still, core CPI, which excludes volatile food and energy prices, rose 5.6% year-over-year, up from 5.5% in February and the first increase since September. Housing costs, which make up roughly one-third of the calculation, were the largest contributor to the annual inflation rate, rising 8.2% year-over-year. The costs of energy and used vehicles declined. See data here.

While inflation remains above the Federal Reserve's 2% target, analysts say the report shows continued signs of decelerating. The Fed has raised interest rates nine times since 2022 to slow down the economy and is due to consider what might be the last of its rate hikes in May. 

Feds Target Xylazine

The US Office of National Drug Policy designated an animal tranquilizer when combined with fentanyl as an "emerging threat," initiating a 90-day timeline for the Biden administration to coordinate a national response to the drug. It is the first use of the category created in 2018 to alert the public to a dangerous new drug.

Xylazine, also known as "tranq," was approved by the Food and Drug Administration in 1972 for use as a sedative in animal care; it has never been approved for human use. It is often blended with illicit substances as a cheap means of extending their effects, though many users aren't aware of it. Human use of the drug is associated with severe skin ulcerations and tissue death, conditions which may require amputation. Since xylazine is not an opioid, opioid overdose-reversing medications, like naloxone, do not counter its sedative effects.

The Drug Enforcement Administration reported in March that xylazine had been detected in the drug supply in 48 US states, an exponential rise over the last five years. 

Juul Settlement

Electronic cigarette maker Juul Labs Inc. has agreed to pay $462M to settle a number of multiyear lawsuits brought by New York, California, Colorado, Illinois, Massachusetts, New Mexico, and the District of Columbia, alleging the company aggressively marketed its products to underage consumers. The move nearly brings an end to a long legal saga involving suits by 47 states and territories and thousands of individuals, which has cost the company a reported $3B in litigation and payouts. 

The company, launched in 2015, once controlled roughly 75% of the e-cigarette market but came under scrutiny for allegedly marketing directly targeting minors. Early practices reportedly included purchasing ad space on websites for outlets like Seventeen Magazine, Cartoon Network, Nick Jr., and elsewhere. 

The company is still awaiting a decision from US regulators on whether it can sell its products in the US market at all—an initial ban was put on hold while health officials re-reviewed the company's application. 

Science & Technology

Business & Markets

Politics & World Affairs

In-Depth

> Adrift at Sea

AP | Renata Brito, Felipe Dana. An interactive story featuring photos and videos depicting the fatal journey of a group of West African migrants found adrift and deceased off the coast of Tobago without food or water, across the Atlantic Ocean. (Read)

> A Strange Alabama Kidnapping

Garden & Gun | Charles Gaines. An audacious pair of criminals and their kids kidnap a 75-year-old wealthy Birmingham businessman, taking him on a wild ride in an ultimately failed ransom attempt. (Read)

⭐1440 Lists: Twelve of our favorite animal photo galleries.

Today marks the 150th anniversary of the Colfax massacre.

Michael Jordan's “Last Dance” sneakers sell for record $2.2M.

Maine museum offering $25K reward for meteorites.

You can soon play the world’s largest Donkey Kong arcade game.

The changing climate is helping baseball players hit more home runs.

A game of Monopoly ends in a sword fight.

New York City now has a “rat czar.”

Clickbait: The Terminator terminates potholes.

Historybook: President Thomas Jefferson born (1743); New York City’s Metropolitan Museum of Art founded (1870); Author Eudora Welty born (1909); Sidney Poitier becomes first Black male to win Best Actor at Oscars (1964).