CNN Business Nightcap: Everything’s expensive. Don’t panic

Today in business news: Prices are surging; Wall Street banks are minting money; and Coke Zero has a new look and taste. Let’s get into it.

Are you tired of hearing about inflation? I know, it’s a huge bummer, but we just got a new report and it is a doozy.

Over the past 12 months, prices have skyrocketed at their fastest pace in 13 years. The consumer price index, the main way we measure inflation in America, was up 5.4% annually in June.

That’s probably not a shock to anyone who’s tried to book a flight, rent a car or fill their gas tank lately.

Much of that spike in prices is because of gasoline, the cost of which, in case anyone forgot, was tamped down by the pandemic last summer. Gas prices rose 45.1% from raging-pandemic June 2020 to far-less-raging pandemic June 2021.

Other factors driving inflation:

  • Food: The cost of dining out is up 4.2% from a year ago — in part because restaurants are having trouble hiring, leading to higher wages for…

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