Prices rose half a percent in January, according to the latest consumer price index. That is up from a 0.1 percent decline in December, and five times the 0.1 percent increase in November.
The monthly uptick was in line with expectation, though the year-over-year rate came in higher than expected 6.4 percent, a marginal drop from a 6.5 percent rate in December.
Shelter (i.e. housing) contributed the largest share to the monthly increase, rising 0.7 percent.
Energy costs were also up across the board. The price of piped gas shot up 6.7 percent, while energy overall was up 2 percent after two straight months of declines.
Food prices, meanwhile, were up 0.5 percent. That is up from 0.4 percent in December, but still low relative to the last six months.
Used car prices also continued their steady decline, dropping 1.7 percent month-over-month and 11.6 percent year-over-year.
Despite the month-over-month drop, the annual rate has slowed for seven straight months.
Edward Moya, chief market strategist with Oanda, joined Cheddar News to discuss Thursday's gains as investors were surprised by a jump in weekly job claims and as Wall Street braces for key inflation data and the Fed's latest policy announcement.
Rebecca Walser, financial planner and wealth strategist, offers some tips on how to bring everyday spending in line with budgets by avoiding certain purchases.
The number of Americans applying for unemployment benefits last week rose to its highest level since October 2021, but the labor market remains one of the healthiest parts of the U.S. economy.
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Workers at the Barnes & Noble in Manhattan's Union Square, one of the retail chain's signature stores and home to its corporate offices, have voted to unionize.
U.S. and British cybersecurity officials warned Wednesday that a Russian cyber-extortion gang's hack of a file-transfer program popular with corporations could have widespread global impact. Initial data-theft victims include the BBC, British Airways and Nova Scotia's government.
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