👛 Inflation nation

…when consumer prices jump the most in 30 years [Disclosures](   Checking bacon prices like [fotostorm/E+ via Getty Images]   Yesterday’s Market Moves   Dow Jones 36,080 (-0.66%) S&P 500 4,647 (-0.82%) Nasdaq 15,623 (-1.66%) Bitcoin $65,160 (-3.08%) Dow Jones 36,080 (-0.66%) S&P 500 4,647 (-0.82%) Nasdaq 15,623 (-1.66%) Bitcoin $65,160 (-3.08%) Hey Snackers, 19M: the number of US veterans alive today. Sharing a big [Veterans Day]( shoutout to every person who’s served and defended the United States. Thank you for your service. Stocks dropped yesterday after investors learned that inflation hit a 30-year high last month. We’re diving into how rising prices are hitting your wallet. Flated Inflation nation: US consumer prices hit a 30-year high, and they could be self-flating Cry me a pork chop... Pork-chop prices are up 16% from last year, and they're not the only ones. The Labor Department just [dropped]( October’s Consumer Price Index, which measures prices of 80K common items. Overall, consumer prices jumped 6.2% from October last year — the fastest yearly increase in 30 years. The pace of inflation accelerated sharply from September, and it was the fifth straight month above 5%. Price increases were broad, but we’ve pulled some gems: - #PumpAnxiety is real: Gas prices were up 50%, but your wallet already knew that. Meanwhile, used cars and trucks were up 26%. - Breakfast is swerved: Bacon was up 20%, eggs 12%, and peanut butter 6%. Lunch isn't much better, with salad dressing up 8%. - Home is pricey: Laundry equipment is up 15%, furniture and bedding is up 12%, TVs are up 10%, and smart home assistants 8.4%. - So is away from home: Hotel prices were up 26%, and transportation services (cough, [Uber]( were up 5%. The price is not right... While the Fed still expects inflation to be temporary, prices have been surging longer (and higher) than expected. This #flated sitch is a result of multiple factors, including pandemic-related supply shortages, labor shortages, supply-chain backlogs, and booming consumer demand. Americans' wallets have been padded by trillions in stimulus cash, which has triggered faster-than-expected rebound in demand. But supply bottlenecks are making it hard to meet that demand and are driving up prices. THE TAKEAWAY Inflation can be a self-fulfilling prophecy... aka self-flating. Expectations of inflation can make inflation worse, or even cause prices to rise unnaturally. If people expect higher prices, they're more likely to demand higher wages and accept inflated costs. And expectations are high: Americans' three-year inflation expectations have hit 4.2%, the highest level on record. If it continues, inflation could stay elevated even after supply bottlenecks ease. Hungry DoorDash is hungry for growth, so it’s splurging $8B on a European rival Forgot the extra ranch… [DoorDash’s]( sales growth continued slowing last quarter after the pandemic dine-in boom, and net losses doubled from last year. Cue: a global feast. DoorDash announced [plans]( to buy Finland-based Wolt for $8.1B. Dash shares jumped nearly 20% yesterday on the news. - Euro-presence: When the deal closes, in 2022, Dash says it will add Wolt’s 2.5M customers in 23 European countries. Dash currently delivers in the US, Canada, Japan, and Australia. - Piping hot growth: Last quarter, Wolt’s sales grew 3X as fast as Dash’s. But while the deal could boost Dash’s sales growth, it won’t increase Dash’s US market share or diversify its revenue streams. May the best promo code win… Delivery customers have little loyalty, which is why companies like Dash, Grubhub, and Uber Eats are constantly throwing out profit-sucking promo codes. Competition is fierce, so food-delivery giants have gobbled up rivals to accelerate growth and expand market share. Last year, Uber acquired Postmates for $2.7B, and Euro delivery heavyweight [Just Eat Takeaway]( bought Grubhub for $7.3B. DoorDash is still the biggest US food deliverer, but it’s losing its lead: Next quarter, Uber’s delivery sales are expected to grow twice as fast as Dash’s. THE TAKEAWAY It’s hard to consistently deliver accelerating growth... by delivering the same thing. DoorDash's acquisition may boost growth for a few quarters, but that may still slow once European markets are saturated. Uber’s ride-hailing biz bought international rivals to expand, but it still had to invest in new revenue streams — like food delivery — to attempt to turn a profit. If food-delivery growth cools, Dash may seek new revenue streams: It’s already investing in [ghost kitchens]( and non-food deliveries, like its [CVS]( partnership to shuttle staples like Advil and toothpaste. What else we're Snackin' - [EPO]( Shares of EV startup [Rivian]( surged on their first trading day in the biggest IPO since 2014. The e-truck maker notched an $86B valuation (larger than [Ford](. - [Fuel]( A group of countries, Ford, [GM]( and [Volvo]( committed to phasing out fossil-fueled vehicles by 2040 — but the US, China, and Germany skipped the pledge. - [Served]( The Justice Department sued Uber over allegations it charged people with disabilities too much, taking aim at Uber’s “wait time”-fee policy. - [Minnie]( Disney+ gained 2.1M subscribers last quarter, the smallest rise since the streamer launched two years ago. [Disney’s]( theme-park profits also missed expectations. - [Fine]( [Google]( failed to overturn a $2.8B EU antitrust fine that dinged the search giant for unfairly directing users to its own ads. - [Swiped]( [Bumble]( reported slowing user growth for a second straight quarter, as fresh Covid outbreaks in some markets curbed swiping. 🍪 Thanks for Snacking with us! Want to share the Snacks? Invite your friends to sign up [here](. The Snacks Daily Podcast Not your typical collab: Chain-necklace icon Tiffany is partnering with streetwear legend Supreme. [Tune in]( to hear why Tiffany wants to put a ring on Gen Zillennial customers. Snack Fact Of the Day [The computer, internet, and duct tape were all invented by or for the US military]( Thursday - Earnings expected from: Wix, Utz Brands, and Revlon - Veterans Day Authors of this Snacks own shares of: Google, Apple, Ford, GM, Uber, Netflix ID: 1917506 Robinhood Snacks newsletters and podcasts reflect the opinions of only the authors who are associated persons of Robinhood Financial LLC (Member [SIPC]( and do not reflect the views of Robinhood Markets, Inc. or any of its subsidiaries or affiliates. They are for informational purposes only, and are not a recommendation of an investment strategy or to buy or sell any security, digital asset (cryptocurrency, etc) in any account. They are also not research reports and are not intended to serve as the basis for any investment decision. Any third-party information provided therein does not reflect the views of Robinhood Markets, Inc., Robinhood Financial LLC, or any of their subsidiaries or affiliates. All investments involve risk including the loss of principal and past performance does not guarantee future results. [Robinhood Terms and Conditions]( • [Disclosure Library]( • [Our Editorial Principles]( • [Contact Us]( • [FAQ]( [Manage Your Subscription Preferences](