Inflation Cools, Forever Chemicals, and the World's Heaviest Radish

Russian Jet Hits US Drone

A Russian fighter jet collided with a US military drone yesterday, causing the uncrewed US aircraft to crash into the Black Sea. The collision marked one of the first direct military incidents between the two nations since the start of Russia's invasion of Ukraine.

US military officials said while such intercepts over the Black Sea are not uncommon, the recent collision was considered unsafe. The MQ-9 Reaper drone (see 101) was on a routine mission in international airspace when two Russian Su-27 fighter jets tried to intercept it near Crimea. Officials said the fighter jets dumped fuel on and flew in front of the drone before colliding. Russia's defense ministry claimed the drone was flying into an area it has declared as off limits as part of its Ukraine invasion.

Separately, Poland is considering sending Soviet-designed fighter jets to Ukraine within the next four to six weeks upon approval from a coalition of allies. See more war updates here.

Inflation Eases

The consumer price index in February fell for the eighth consecutive month to 6% year-over-year growth, down from the 6.4% rise in January and in-line with economist expectations. The annual figure is the lowest increase since September 2021.

Prices increased by 0.4% on a month-to-month basis. Housing was the biggest contributor to overall inflation, rising 0.8% for the month and 8.1% for the year and accounting for 70% of February’s gain. Groceries (10.2%) and energy (5.2%) prices for the 12 months ending in February also contributed to the increase. Core CPI, which excludes food and energy prices, increased by 0.5% on the month and 5.5% on the year. See data here.

Elevated inflation, paired with the recent collapses of Silicon Valley Bank and Signature Bank, poses a challenge for the Federal Reserve, which aims to bring inflation down to 2%. It is unclear how officials will react at the Fed's meeting next week; however, experts predict the Fed to continue with a 0.25 percentage point increase.

Limiting 'Forever Chemicals'

The US Environmental Protection Agency announced a proposal to limit the amount of six "forever chemicals" in drinking water yesterday, the first measure of its kind nationwide. The rule, set to take effect in 60 days, would require municipalities to invest millions in testing and water-filtration systems. 

Poly- and perfluoroalkyl substances are a group of thousands of heat-resistant and oil- and water-repellent synthetic chemicals first developed in the early 20th century for use in textiles, fire suppression, and more. Studies have indicated nondegradable polymers build up in humans and wildlife, where they are linked to health risks, including cancer. US agencies report almost every American is likely to have some PFAS buildup. 

The rules would require water providers to reduce the incidence of the two most common PFAS to four parts per trillion, where one part equals one drop in 21 million gallons of water. See a global map of contamination here. 

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