Good morning. Welcome to Axios today. It's Friday, October 15th. I'm Nyla Boudou. Here's

what you need to know today. The fallout of bigotry in the NFL. Plus, closing out Hispanic

Heritage Month by remembering contributions from different Latinos. But first, the bad

and the good of the latest inflation data is today's one big thing.

The global energy crisis is causing a whole series of economic headaches, not the

least of which is inflation. The Consumer Price Index, the best American measure of inflation,

jumped 5.4% in September compared to last year. That's according to new data out this week,

and the price of gas is one big part of that picture. Axios' chief financial correspondent,

Felix Salmon, is with me now to engage as he sometimes does on this show with some vigorous

debate around inflation. Hello, Felix. Nyla, let's have a spirited debate.

Well, our Axios today listeners will know from our many conversations this year that you have

been, I'm going to call you an inflation denier for some time now. In other words, saying do not

worry about inflation. I am not an inflation denier. I am saying that you shouldn't worry. I'm not

saying it doesn't exist. Okay, let's call you an inflation worried denier. Are you worried now

about inflation? No. So prices went up earlier this year, and at the time you said that was expected,

can you explain what's going on now and what we've seen in the past few months with prices going up?

So there's a few different things going on here. The first one is that low paid Americans and

service industries like in say fast food are getting paid more. They're not getting paid $10. Now

are they getting paid $15. Now that increase of like getting people onto living wages is showing up

in price increases for services. And that's what I like to think of as good inflation. There's no

indication that this is going to transfer into long term inflation. If you look at the amount

of prices, if there is no over 24 months, it's entirely normal. You barely see any uptick in

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