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.
Gregory Breitbart, CEO of Body20, joined Cheddar News to discuss the new technology the company is bringing to the exercise space.
Lauren Fix, founder of Car Coach Reports, joined Cheddar News to discuss the used car market and when would be a good time to shop for a new car.
A judge in Elon Musk's Tesla jury trial is hearing the CEO's request to move it to Texas from California.
Tesla is cutting the price tag on some of its electric vehicles in the U.S.
JPMorgan is expecting an economic downturn, one of several big banks that are warning of a moderate recession later this year.
Kristin Myers, editor-in-chief of The Balance, joined Cheddar News to discuss cash-back rewards services and explained some common programs as demand jumps.
Sam Bankman-Fried spoke out for the first time since his arrest, defending himself against the charges laid out against him.
The Week's Top Stories is a guided tour through the biggest market stories of the week, from winning stocks to brutal dips to the facts and forecasts generating buzz on Wall Street.
How Stocks Reacted to Bank Earnings
Treasury Secretary Janet Yellen notified Congress on Friday that the U.S. is projected to reach its debt limit on Thursday and will then resort to “extraordinary measures” to avoid default.
