I'm Felix Salmon and welcome to Axios Recap, where we dig into one big story.

Today is Wednesday, November the 10th. It is the day that the consumer price index came out.

So we are focused today on inflation and what it means.

The numbers, because we should start with the numbers, 0.9%, the amount the prices went up in the past month, 6.2% the amount the prices have gone up in the past year.

These are very large numbers. We haven't seen anything like them for decades,

and this is causing massive repercussions politically and economically, and even in the markets.

We're going to talk to Axios' Hans Nichols about this, but first, I just need to think about this with you. Who likes it? No one likes it. It's one of these weird things where there

aren't winners and losers. They just seem to be losers, at least psychologically. In fact,

there are winners. There are the people who are getting paid more. Their labor is feeding through

into prices. They should be happy because they're getting paid more. There are CEOs who are getting to charge more for their goods. And they should be happy because they're getting paid more. There are CEOs who are getting

to charge more for their goods, and they should be happy because they're getting to improve their

profit margins. But weirdly, no one feels happy about inflation, even if it's good for them. Everyone

feels like it's bad. They look at these numbers and they want to blame someone, and the person

they blame is normally the president.

So that's what we're going to be talking about with Hans Nichols.

Coming up on Axios Recap.

I'm joined now by Axios political reporter Hans Nichols,

who's joining us from a sound-through studio deep inside the capital.

You're literally in the heart of American politics right now.

Yeah, except everyone's at fundraisers on the West Coast, right?

I mean, no lawmakers are actually here.

But yes, in theory, this is where laws are made.

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