Morning Brew Daily Inflation Rate At Two-Year Low, San Francisco's Retail Exodus & Instant Pot Goes Bankrupt
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Jun 14, 2023 The inflation rate has dipped to a two-year low, sparking discussions on its effects on consumers and even on egg prices. The retail landscape in San Francisco is shifting dramatically, with notable store closures. A surprising bankruptcy announcement comes from Instant Pot, while AI startups are drawing massive investments, including one that raised over $110 million. Paul McCartney teases the possibility of a new Beatles song thanks to AI, and in Japan, there's an alarming rise in Pokémon card thefts, highlighting the cards' soaring value.
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Falling Inflation
- Inflation fell to 4% in May, the lowest in two years, due to falling gas prices and revenge spending.
- However, rent and food prices are still increasing, keeping inflation above the Fed's 2% goal.
San Francisco's Decline
- San Francisco's Westfield Mall is closing due to decreased foot traffic, crime, and the Bay Area's slow pandemic recovery.
- Office vacancy rates are high, and the city's population has declined, signaling economic trouble.
Instant Pot Bankruptcy
- Instant Brands, the parent company of Instant Pot, filed for bankruptcy due to declining sales.
- The company's new product lines failed to gain traction, and market saturation contributed to the decline.