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Inflation in 2022 hit its highest level in four decades, according to consumer price index data.
Some items, such as school meals, eggs, margarine and fuel oil, saw a more dramatic upswing in prices. Here’s why.

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Inflation popped in 2022 to a level unseen in four decades.
But prices ballooned more rapidly for certain items than others, largely concentrated among food, fuel and airfare.

Some of those swings were due to outlying factors that extended beyond broad inflationary pressures such as snarled supply chains, labor shortages, burgeoning consumer demand and Russia’s invasion of Ukraine.
Here’s a look at the 10 items with the largest price gains, as measured by the annual inflation rate in December. Percentages are from the latest consumer price index data, issued Thursday.

Food at school: 305.2%

The price of a meal at elementary and secondary schools spiked the most in 2022, by a whopping 305%.
In the early days of the pandemic, the federal government enacted a program offering free meals to all public-school students, regardless of family income. That program — which expanded an existing one for lower-income families — ended Sept. 30.
Overall food prices have been pressured on many fronts, too, funneling into school meals.

For example, respective annual inflation rates for groceries and meals away from home hit 13.5% and 8% in August — their highest since 1971 and 1981, respectively.
Russia’s invasion of Ukraine created an energy supply shock, contributing to higher transport costs to deliver food from farm to table. That combined with other factors such as higher labor costs to underpin fast-rising prices throughout the food complex.
“Food inflation has been nuts,” said Tim Mahedy, senior economist at KPMG. “We hadn’t seen [these levels] consistently really in decades.”

Eggs: 59.9%

Margarine: 43.8%

Global shocks in major markets for vegetable oil — a key ingredient in margarine — drove margarine prices up by 43.8% in 2022.
Prices for commodities such as soybean, palm, sunflower and rapeseed (also known as canola) oil tend to move together — meaning a supply disruption for one tends to affect the group, economists said.

For example, Ukraine is the No. 1 global producer and exporter of sunflower oil. The war there squeezed supplies.
Further, Indonesia accounts for over half the world’s palm oil; the country imposed a temporary ban on exports last year and other restrictions, such as an export levy. Severe drought in Canada — the world’s largest canola-oil exporter — throttled supply. And soybean yields in Brazil fell due to weather conditions.

Fuel oil (41.5%) and motor fuels (32.3%)

When crude-oil prices spiked in the first half of the year, so did those of its refined byproducts.
Russia’s full-scale invasion of Ukraine started Feb. 24. By March 8, a barrel of crude oil had hit its highest inflation-adjusted price since 2014, amid concerns about the war’s impact on supply, according to the U.S. Energy Information Administration.
“It caused anything energy-related to jump,” said Mark Zandi, chief economist at Moody’s Analytics.

Oil prices retreated in the second half of the year, though, as fears mounted of a possible recession and an accompanying weakness in oil demand.
Gasoline prices fell, too, ending the year down 1.5%. But prices for other oil products haven’t declined as steeply. Fuel oil and other motor fuels such as diesel ended the year up 41.5% and 32.3%, respectively.

Butter (31.4%) and other dairy (21.4%)

A decline in global milk output — among major producers such as Australia, the European Union and New Zealand — squeezed prices for butter and other dairy products.
Monthly milk production among major suppliers fell each month from September 2021 to June 2022, according to the U.S. Department of Agriculture.
“They’ve all been pretty pressured in terms of available milk supply,” Amy Smith, vice president at Advanced Economic Solutions, a consulting firm specializing in food economics, said of the dairy complex.

Stephen Gibson / Eyeem | Eyeem | Getty Images

Output was stable in the U.S., which raised exports to plug the gap. U.S. dairy export volumes were up 5% in 2022 through October, relative to the same period in 2021, according to USDA data. Butter exports grew by 43% over that time — leading to a lower butter supply at home, economists said,
Further, Russia and Ukraine are major suppliers of wheat. The war impacted grain supplies, raising the price of animal feed and costs for farmers, economists said.
Butter prices ended 2022 up 31.4%. Other dairy products (excluding milk, cheese and ice cream) were up 21.4%.

Airline fares: 28.5%

Airfare was up almost 29% in 2022 as consumers with ample cash on hand unleashed a few years of pent-up wanderlust.
That demand ran headlong into airline industry shortages for pilots, many of whom were laid off or retired early in the pandemic. Jet-fuel costs surged and airlines flew fewer routes. These factors crimped the supply of airline seats, economists said.

“People have shifted their spending away from goods to travel, restaurants and ball games,” Zandi said. “Airplanes have been packed.”
However, average fares began retreating in October, November and December.

Lettuce: 24.9%

An insect-borne virus “raging” through the Salinas Valley growing region in California led lettuce prices to surge in 2022, said Mahedy of KPMG.
The region, which has been referred to as “America’s salad bowl,” accounts for about half of U.S. lettuce production, according to Aaron Smith, a professor of agricultural economics at the University of California, Davis.

Russia is also the world’s top fertilizer exporter. Prices for fertilizer — among farmers’ biggest costs — hit all-time highs in spring 2022 after Russia invaded Ukraine, according to the Federal Reserve Bank of St. Louis.
The price of vegetables and fruits were “significantly affected” by that run-up in prices, Zandi said.

Flour: 23.4%

Ukraine and Russia are major wheat exporters. The nations accounted for 28% of all exports globally in 2021, according to the USDA.
War led to uncertainty about export volumes and impact on the spring planting season, causing prices to spike. The price dynamic impacted flour, which is milled from wheat, Smith said.

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Nelson Peltz isn’t interested in acquiring Wendy’s, according to a regulatory filing made on Friday.
In a statement, Peltz, who serves as chair of the burger chain, said his firm is confident in Wendy’s ability to drive long-term value for shareholders.
Also on Friday, Wendy’s announced a reorganization for its corporate structure and several executive departures.

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Nelson Peltz isn’t interested in acquiring Wendy’s, according to a regulatory filing made on Friday.
Peltz serves as non-executive chair on the burger chain’s board and as chief executive of activist firm Trian Fund Management, which is its largest shareholder. In May, Trian said it was exploring a potential deal with the company to “enhance shareholder value” that could include an acquisition or merger.

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“Trian believes that the Company is well-positioned to deliver significant long-term value for shareholders and looks forward to continuing to work with the Board and leadership team to do so,” Peltz said in a statement Friday.
Shares of Wendy’s closed up 6% on Friday.
Trian, which was founded by Peltz, first invested in Wendy’s in 2005, when the fund was initially created. The firm holds three board seats at the fast-food company, including the one held by Peltz.
This outcome was “widely anticipated” by Wall Street, according to a research note from Kalinowski Equity Research. The lack of a deal frees up time for Peltz, who went public this week with his desire to win a seat on Disney’s board through a proxy fight.
Also on Friday, Wendy’s announced a reorganization for its corporate structure and the departures of U.S. Chief Financial Officer Leigh Burnside and Chief Commercial Officer and U.S. President Kurt Kane. Burnside is leaving to join another unnamed restaurant company, while Kane’s position was eliminated.

Wendy’s said the aim of the corporate redesign is to maximize efficiency and streamline decision making. Rival McDonald’s announced a week ago that it is also revamping its corporate structure for similar reasons.
In a preannouncement of its fourth quarter results, Wendy’s said its same-store sales increased 6.4% in the three months ended Jan. 1. Its net sales climbed 13.4% to $536.5 million.
The company’s board approved doubling its dividend to 25 cents and spending $500 million on share buybacks.

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In the first quarter of 2022, the uninsured rate for people under 65 dropped to an all-time low of 8%, according to a report from the Health and Human Services Department.
The uninsured rate dropped from 11% in 2019 to 10.5% in 2021, according to HHS.
Many of the coverage gains are due to a pandemic-era policy that prevented states from kicking people off Medicaid, which led to a surge in enrollment.
But this year that policy ends, which will result in millions losing Medicaid coverage.

An Obamacare sign is seen outside of the Leading Insurance Agency, which offers plans under the Affordable Care Act (also known as Obamacare) on January 28, 2021 in Miami, Florida.
Joe Raedle | Getty Images

The number of people in the U.S. without health insurance declined during the Covid-19 pandemic even as millions of people lost coverage through their employers due to layoffs.
The uninsured rate in the U.S. for people under age 65 dropped from 11% in 2019 to 10.5% in 2021, according to a report released Friday by the Health and Human Services Department.

By the first quarter of 2022, the uninsured rate dropped to an all-time low of 8%, according to the report. It then rose slightly to 8.6% in the second quarter of 2022, HHS said.
The uninsured rate dropped despite a huge spike in unemployment in early 2020 that resulted in an estimated 1.6 million to 3.3 million people losing coverage through their employers, according to HHS.
But pandemic health policies created a safety net for people who lost private coverage and made it easier for them to find insurance.
Congress basically barred states from kicking people off Medicaid during the public health emergency, in exchange for increased funding for the states. Medicaid enrollment swelled by more than 20 million from February 2020 through September 2022 as a consequence.
But these Medicaid protections are coming to an end soon. Millions of people are expected to lose coverage they gained through the program. Federal spending legislation passed by Congress in December allows states to start kicking people off Medicaid in April if they no longer meet eligibility requirements.

HHS has estimated that up to 15 million people could lose Medicaid as pandemic-era protections are wound down and the program returns to normal operations. Many of these people are expected to transition to Obamacare marketplace coverage.
Enrollment in Obamacare through the marketplaces has also increased during the pandemic due to a special enrollment period in 2021, expanded tax credits and more funding for outreach to those who are eligible, according to HHS.
Nearly 16 million people have signed up during the current enrollment period, a 13% increase over last year. Three million of them are getting covered through the marketplace for the first time. The current open enrollment period ends Sunday.
The HHS estimates for the uninsured from 2019 through 2021 are based on data from the American Community Survey, which collects information from 3.5 million households in the U.S. The 2022 estimates come from the National Health Interview Survey, which uses a much smaller sample of more than 17,000 people.

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This $1.35 billion jackpot marks Mega Millions’ second-largest grand prize ever and the fourth-largest in lottery history.
The odds of a hitting the grand prize are 1 in 302.6 million.
If you win, be aware that there’s “an emotional component to this type of newfound wealth that is almost as large as the winnings,” said one expert.

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There’s a chance a Mega Millions player is on the verge of joining a very short list: winners who snag a jackpot worth more than $1 billion.
The grand prize is an estimated $1.35 billion for Friday night’s drawing. That’s how much you’d win if you were to take the windfall as an annuity paid out over three decades. (The upfront cash option is $724.6 million as of mid-day Friday). 

Between Mega Millions and Powerball, there have been winners of five other jackpots totaling more than $1 billion, including one worth more than $2 billion. If Friday’s drawing produces a winner (or winners), the amount would mark Mega Millions’ second-largest jackpot ever and the fourth-largest lottery prize in history.

With only a tiny chance of a single number combination hitting the motherlode — 1 in 302.6 million — the amount has been growing through twice-weekly drawings since Oct. 14. That’s when the jackpot was reset to $20 million after two tickets sold in Florida and California split a $502 million grand prize.
If you happen to beat the odds stacked against you, be aware that winning won’t be as simple as claiming your prize and carrying on with life, experts say.
“There is an emotional component to this type of newfound wealth that is almost as large as the winnings,” said Emily Irwin, managing director of advice and planning at Wells Fargo Wealth & Investment Management.

“Part of that is you most likely would go through cycles of surprise, shock, relief and then probably a sense of ‘what do I do next?'” Irwin said. “It can be incredibly overwhelming.”

Here are some tips to help guide you in the initial phase of being a jackpot winner.

1. Avoid sharing the news

2. Protect your ticket

Be sure you have somewhere safe to store your ticket, such as a lockbox. Experts also suggest snapping a photo of yourself with the ticket.
Additionally, while it’s often recommended that you sign the back of the ticket right away, it may be worth knowing your state laws first.
Some jurisdictions let you remain anonymous. Others do not — but in those states, you might be able to create a legal entity such as a trust that claims the windfall and shields your name from the public. In other words, the trust’s name would need to be what’s on the back of the ticket.

3. Don’t be in a rush

There’s no need to rush to lottery headquarters. Depending on where you bought the ticket, you get anywhere from 60 or 90 days to a year to claim your windfall. Be aware that in some states, there may be a shorter window to claim if you want the cash instead of the annuity.
This pre-claiming time is when you should assemble a team of experts. That group should include at least an experienced attorney, a tax advisor and financial advisor. 
This group can help guide you in your decision-making as you navigate your new-found wealth.
For example, one of the first decisions you’d make is whether to take the $1.35 billion as an annuity or as a one-time lump sum payment of $724.6 million.

Either way, there would be taxes withheld and more likely owed. You also would need to consider how and when to share your windfall.
However, you don’t need to begin handling those big money matters right off the bat.
“As you begin working with your team … your goals and values are an incredible place to begin the conversation,” Irwin said. “You don’t want to get so caught up in the taxes and [other financial aspects] before you think about what’s really important, because that will inform all your other decisions.”
Meanwhile, Powerball’s jackpot is $404 million (with $211.7 million cash option) for its next drawing, set for Saturday night. The chance of hitting the grand prize in that game is about 1 in 292 million.

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Fifteen senators signed a letter to Southwest CEO Bob Jordan demanding answers about the airline’s year-end meltdown that left thousands of passengers stranded during the holiday season.
The senators have given Jordan until Feb. 2 to respond.
Southwest is still working through reimbursement requests from impacted customers and expects the disruptions to amount to significant losses in the company’s fourth quarter.

Southwest Airlines Executive Vice President Bob Jordan speaks as he is interviewed by CNBC outside the New York Stock Exchange (NYSE) in New York City, U.S., December 9, 2021.
Brendan McDermid | Reuters

Fifteen senators, including Bernie Sanders, Elizabeth Warren and Cory Booker, sent a letter to Southwest Airlines CEO Bob Jordan this week demanding answers about the airline’s management of 2022 holiday travel disruptions, which left thousands of passengers stranded in airports.
The questions push for details about the causes of the meltdown, including Southwest’s overloaded crew scheduling software that buckled from all the flight changes. The mass cancellations came alongside severe winter weather across the U.S. and elevated holiday travel demand, which forced U.S. airlines to cancel thousands of flights.

When other airlines recovered from the storm, Southwest’s problems got worse. It canceled much of its schedule to try to reset its operation, spoiling the travel plans of hundreds of thousands of customers.
“Although winter storm Elliott disrupted flights across the country, every other airline operating in the United States managed to return to a regular flight schedule shortly thereafter — except Southwest,” the letter sent Thursday reads.
The airline canceled nearly 17,000 flights between Christmas Eve and New Year’s Eve. The company projected the meltdown would cost it between $725 million and $825 million in the fourth quarter.
“We appreciate the concerns expressed in the letter from the Senators and share in the commitment to ensuring Southwest’s Customers are properly cared for and that actions are taken to mitigate risks of this happening again,” Southwest said in a statement. “We hope the recent refunds, reimbursements of expenses, and goodwill gestures to our Customers and Employees demonstrate that we want to go above and beyond in earning their trust once again.”
The senators also asked the airline for details on compensating affected passengers via ticket refunds, returning lost baggage and reimbursements for alternate travel arrangements made in the wake of Southwest cancellations.

Southwest is still in the process of reviewing requests for reimbursement and refunds from impacted customers.
The senators’ letter also highlights Southwest’s use of funds, claiming it neglected to update companywide systems that have long been out of date.
“Southwest has long known that its software was outdated, and the Southwest Airlines Pilots Association had warned that such a debacle was inevitable unless Southwest invested in new scheduling systems,” the letter says. “Instead of making those investments, Southwest distributed over $1.8 billion in dividends to its shareholders and bought back over $11 billion in its shares between 2011 and 2020.”
Sanders previously bashed Southwest on Twitter for its “corporate greed,” noting the airline used $5.6 billion of its $7 billion in Covid relief on stock buybacks for shareholders rather than investing in its internal infrastructure.
The senators are giving Jordan until Feb. 2 to respond to their questions.
Sen. Maria Cantwell, D-Wash., chair of the Senate Commerce Committee, has already said she plans to hold a hearing on Southwest’s meltdown.
— CNBC’s Leslie Josephs contributed to this report.
Correction: The senators sent the letter to Southwest on Thursday. An earlier version misstated the day.

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Ezra Miller agreed to a plea deal to avoid jail time related to an incident in which they allegedly stole alcohol from a neighbor’s home in Vermont.
Under the deal, “The Flash” actor agreed to plead guilty to unlawful trespass, a misdemeanor, and will serve one year probation and pay a $500 fine.
Despite Miller’s multiple legal problems, Warner Bros. Discovery has nonetheless stuck with the actor ahead of the June release of “The Flash.”

Actor Ezra Miller arrives at the premiere of Warner Bros. Pictures’ ‘Justice League’ at Dolby Theatre on November 13, 2017 in Hollywood, California.
Axelle/bauer-griffin | Filmmagic | Getty Images

Ezra Miller agreed to a plea deal Friday to avoid jail time related to a May 2022 incident in which they allegedly stole alcohol from a neighbor’s home in Vermont.
“The Flash” actor pleaded not guilty to these charges in October, which could have carried a maximum sentence of 25 years.

Under the deal, Miller agreed to plead guilty to unlawful trespass, a misdemeanor, and will serve one year probation and pay a $500 fine. Their sentence of around 90 days is suspended for one year pending the competition of probation. As part of the agreement, Miller agreed not to consume alcohol and to continue their rehabilitation efforts centered on their mental health treatment.
“Ezra would like to thank the court and the community for their trust and patience throughout this process, and would once again like to acknowledge the love and support they have received from their family and friends, who continue to be a vital presence in their ongoing mental health,” attorney Lisa Shelkrot said in a statement on Miller’s behalf.
Miller has made headlines in recent years following a pattern of disturbing behavior and allegations of misconduct.
The first incident was in 2020 after a video surfaced showing them appearing to violently choke a fan. Incidents of impropriety escalated in 2022 when they were arrested and charged with disorderly conduct and harassment at a karaoke bar in Hawaii.
Soon after, Miller was arrested again after an altercation in which they were accused of throwing a chair and injuring a woman. Additionally, there were accusations of grooming against Miller.

Warner Bros., the studio behind “The Flash,” had remained quiet during Miller’s assault arrests early in 2022. Yet sources within the company reportedly said emergency meetings were held last April to discuss their controversies and how the studio would proceed going forward. At that time, it was determined that the film would remain on the slate, but Warner Bros. would pause future projects involving the actor. “The Flash” is set for release on June 16.
Miller has been associated with the DCEU since the release of “Batman v Superman: Dawn of Justice” in 2016 and has been a key part of the Warner Bros.-produced “Fantastic Beasts” film series, which still has two movies left to film.
The DCEU is in flux regardless, as James Gunn and Peter Safran have taken over direction of projects associated with the superhero universe. The duo is expected to announce official plans for future in early 2023.

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Fox Chairman Rupert Murdoch’s deposition in the Dominion-Fox lawsuit is now scheduled for next week.
Dominion sued Fox for $1.6 billion, arguing that Fox News and Fox Business made false claims that its voting machines were rigged in the 2020 election between Joe Biden and Donald Trump.
Fox hosts Maria Bartiromo, Sean Hannity and Tucker Carlson have already appeared for depositions.

Rupert Murdoch, chairman of News Corp and co-chairman of 21st Century Fox, arrives at the Sun Valley Resort of the annual Allen & Company Sun Valley Conference, July 10, 2018 in Sun Valley, Idaho.
Drew Angerer | Getty Images

Fox Corp. Chairman Rupert Murdoch is now slated to appear for a deposition later in January as part of Dominion Voting’s defamation lawsuit against the company and its cable news networks.
The deposition is set to occur Thursday and Friday next week, according to court filings. Murdoch had initially been scheduled to appear for a deposition in December via video call, but he’s now set for an in-person questioning on the Fox Studio lot in Los Angeles, according to a person familiar with the matter. The person declined to be named because they are not authorized to discuss the matter publicly.

Most recently, his son and Fox CEO Lachlan Murdoch faced questioning as part of the lawsuit.
Dominion has brought a $1.6 billion lawsuit against Fox, arguing that Fox News and Fox Business made false claims that its voting machines were rigged in the 2020 presidential election between Donald Trump and Joe Biden.
A representative for Dominion didn’t immediately respond to comment on Fridat. Fox didn’t comment beyond the court filing, and has vigorously denied the claims.
The Murdochs are the highest-ranking Fox officials to face questioning. Last June, a Delaware judge overseeing the case ruled that Dominion’s lawsuit could be expanded beyond the cable TV networks to include their parent company, meaning Fox Corp.’s highest executives could be called for depositions. Dominion has argued the parent company and its top executives played a role in the spread of misinformation about voter fraud by Fox’s hosts.
Last year, Fox’s TV personalities such as Maria Bartiromo, Sean Hannity and Tucker Carlson appeared for depositions.

Hannity admitted he didn’t believe Dominion cheated Trump in the presidential election, according to statements that emerged during a Delaware Superior Court hearing and were reported by NPR in December. The reported statement differs from the claims made on Hannity’s show following the election.
Otherwise, the depositions and documents collected during the discovery process remain private.
Dominion is on the hook to prove to a jury that Fox and its TV hosts acted with actual malice, meaning they knew they were reporting false information but did it anyway, or purposely disregarded information that proved their reporting was inaccurate.
The lawsuit is being closely followed by First Amendment experts and advocates. While libel lawsuits are usually centered around one falsehood, Dominion cites a lengthy list of examples of Fox TV hosts making false claims even after they were shown to be untrue. Media companies are often broadly protected by the First Amendment.
The court has denied Fox’s requests to dismiss the case. The trial is set to begin on April 17, with pre-trial conferences in the days prior, according to court filings. Neither side has shown signs of entering settlement talks.

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All Elite Wrestling has interest in merging with WWE, which has formally started a sale process, sources say.
AEW is owned by the Khan family, which also owns the NFL’s Jacksonville Jaguars.
The idea that Vince McMahon would merge WWE with the much smaller AEW is a long shot.

WWE Chairman and CEO Vince McMahon speaks at a news conference announcing the WWE Network at the 2014 International CES in Las Vegas.
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All Elite Wrestling, a professional wrestling league owned by the Khan family, is interested in merging with World Wrestling Entertainment, according to people familiar with the matter.
The Khans, who also own the National Football League’s Jacksonville Jaguars and the Premier League’s Fulham F.C., could partner with a strategic media company to share the intellectual property while merging the wrestling leagues, said the people, who asked not to be named because the discussions are private. AEW has a TV carriage rights agreement with Warner Bros. Discovery’s TNT and TBS.

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15 hours ago

The idea that Vince McMahon, the controlling shareholder of WWE, would merge his company with the much smaller AEW is a long shot. AEW hasn’t had talks with McMahon or Nick Khan, the company’s chief executive, said the people. McMahon may view selling to the Khans as a non-starter. Nick Khan is not related to AEW’s Khans.
The Khans are open to discussing a potential role for McMahon, 77, after a sale but haven’t yet had those talks, one of the people said. It’s unclear what type of job McMahon would want with WWE after a sale, but WWE is a much larger and more established organization than AEW. McMahon, who was worth more than $3 billion as of July, is also known as the primary creative force behind WWE’s storylines.
Sports tycoon Shahid Khan, 72, is ranked 292 on the Bloomberg Billionaires Index with a net worth of $7.56 billion. He also owns auto parts manufacturer Flex-N-Gate.

Shahid Khan, the new owner of the Jacksonville Jaguars.
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WWE’s sale process

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