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| Howdy, Insiders! Today's Inside Daily Brief covers some exciting news: the annual inflation rate in the U.S. fell to 4% in May, and Toyota, the world's largest carmaker, said it plans to release a line of long-range electric cars. Plus, archaeologists discovered a cache of medical equipment in Hungary that dates back 2,000 years. I hope you find this story as fascinating as I did!
Your faithful IDB writer, Daniel
p/Dan-Smith | |
| 1 | | The annual inflation rate in the U.S. fell to 4% in May, from 4.9% in April, the Bureau of Labor Statistics said. Inflation has been slowing since the Consumer Price Index (CPI) peaked at 9.1% in June 2022. More: - Core CPI, which excludes food and energy, was up 5.3% annually in May, down slightly from the 5.5% annual rate seen in April.
- On a monthly basis, the CPI rose just 0.1% from April to May after increasing 0.4% from March to April.
- Core CPI was up 0.4% in May, staying at the same pace as the previous two months.
- Energy prices fell by 3.6% from May to April, contributing to the lower inflation rate.
Zoom Out: - The Federal Reserve has hiked interest rates 10 consecutive times since March 2022 in a bid to fight inflation.
- Most market analysts expect that policymakers will leave interest rates steady at their June meeting, which takes place this week, but foresee another interest rate increase in July.
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What the numbers say: Toyota stock was up nearly 6% on Tuesday after the Japanese automaker unveiled plans to launch a new line of electric vehicles with "next generation" batteries in 2026. Context: The cars will be produced by BEV Factory, a new Toyota EV division that was created in May. BEV Factory President Takero Kato said that Toyota wants the EVs to have a driving range of 620 miles (1,000 kilometers). BEV Factory has set a production goal of 1.7 million vehicles per year by 2030. Battery range: Electric vehicles in the U.S. have an average range of 300 miles ― for example, the Tesla Model 3 has a range of 272 miles (437 kilometers). Toyota said that its future cars will have a much longer range thanks to a major breakthrough in all-solid-state batteries. The advance is part of the company's efforts to focus on EV production. | | | |
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| 3 | | The average rental price for new apartments in the U.S. was up just 2% on an annual basis in May, down from the double-digit increases seen last year. This represents the fastest deceleration of rental cost growth in recent history. More: - The average rental price includes estimates from six rental-listing and property data companies.
- One of those companies, Redfin, found that rents on apartments and single-family rental homes fell 0.6% on an annual basis last month.
- This is only the second time that rent costs drop since 2008, after prices fell in early 2020.
- The decrease comes after some markets saw price increases of 35% over the last three years.
- Nationally, rents rose 25% in under two years during the pandemic property boom.
Zoom Out: - The national median existing-home sale price fell by 1.7% on an annual basis in April in what was the biggest annual price drop in more than 11 years.
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| 4 | | GOOD NEWS: Archaeologists discovered a ~2,000-year-old cache of medical tools near Budapest, revealing insights into how medicine was practiced during the Roman Empire. The tools, which include scalpels, forceps, and a pestle, are one of the most comprehensive collections of Roman medical instruments ever discovered. More: - The instruments were found in a necropolis alongside the skeleton of a man who was likely between 50 and 60 years old at the time of his death.
- It is unclear if the man was a doctor or if the tools belonged to him.
- The necropolis in Jászberény, approximately 35 miles from the Hungarian capital, was located beyond the frontier of the Roman Empire at the time.
- Tivadar Vida, director of the Institute of Archaeology at Eötvös Loránd University and the leader of the excavation, said:
- "In ancient times, these were comparatively sophisticated tools made of the finest materials."
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| 5 | | An ethnic militia in the Democratic Republic of Congo (DRC) killed at least 45 people in a UN-run migrant camp. The camp, which is situated in the eastern DRC region of Ituri, near the border with Uganda, hosts people who were displaced by ethnic conflicts. More: - The attackers used guns and machetes to kill the civilians and set tents ablaze, which led to several burn victims.
- The UN peacekeeping mission believes the attack was perpetrated by the Cooperative for the Development of Congo (CODECO) militia.
- CODECO is aligned with local Lendu farmers and has been involved in long-standing conflicts between the Lendu and the Hema herder people.
- The UN said CODECO fighters have killed hundreds of civilians in the Ituri region while forcing thousands of others to flee their homes.
- In January, CODECO fighters were accused of another attack on a camp for internally displaced people in Ituri.
Zoom Out: - Decades of ethnic conflict have displaced an estimated 1.7 million people in the Ituri region.
- The UN said that CODECO had violated a June ceasefire by which three militias agreed to a "program of disarmament, demobilization, community recovery, and stabilization."
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| 6 | | The Denver Nuggets won its first NBA Finals on Monday night, beating the Miami Heat in a Game 5. Nuggets center Nikola Jokic won the Finals MVP Award for his dominant performance in the series. More: - The 28-year-old Serbian scored 28 points, snagged 16 rebounds, and dished out four assists at Game 5, which took place at the Nuggets' Ball Arena.
- Jokic joined Giannis Antetokounmpo, Dirk Nowitzki, Tony Parker, Tim Duncan, and Hakeem Olajuwon as the only players born outside of the U.S. to win a Finals MVP award.
- Jokic also became the first player in NBA history to lead the playoffs in points, rebounds, and assists.
Zoom Out: - At least 10 people were wounded in a mass shooting near the Nuggets' Ball Arena shortly after midnight.
- The alleged gunman, who was among the injured, was taken into custody.
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- Former President Donald Trump arrived at the U.S. federal courthouse in Miami on Tuesday to be arraigned on charges that he illegally held on to classified documents and covered up his efforts to do so.
- Tens of thousands of people have fled their homes in India and Pakistan as Cyclone Biparjoy approaches. Seven people have already been killed by storms in the Indian states of Gujarat and Maharashtra.
- The NHL's Ottawa Senators will reportedly be sold for nearly $1B, a record price for a professional hockey team.
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 | Writer | | Dr. Daniel Smith is an Inside writer with a Ph.D. in Political Science from the University of Cambridge. Follow him on Twitter @DJS12321 or email him at Daniel@inside.com. | | This newsletter was edited by Eduardo Garcia | |
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