What is the meaning of the expression in bold?
"This is extraordinary news in and of itself".
It means something like "per se", as such, inherently, intrinsically, without elaborating more, by itself.
It's awkward. I'd never used it. I think it's silly because "in itself" and "of itself" mean the same.
A: I have some interesting news. I was out jogging today, and ...
B: You were out jogging?! This is extraordinary news in and of itself!
With a negative:
A: Something startling happened today! I was eating breakfast [pause] ...
B: I would not call that startling in and of itself!
It doesn't have to be used pre-emptively:
A: Did you hear? Gaddafi has quit, and now Libya is a liberal democracy.
B: Gaddafi quit? This is extraordinary news in and of itself!