Surging inflation has eased in recent months, but more evidence is needed to show that price increases are coming down in the long term, Federal Reserve Chair Jerome Powell said Wednesday. (Photo by Yuki IWAMURA / AFP) (Photo by YUKI IWAMURA/AFP via Getty Images)
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.
Airbnb has come under fire after an Axios report found that the rental company has properties available in China's Xinjiang region where the nation has been accused of committing genocide against Uyghur Muslims, demolishing their homes, and replacing them with tourist attractions.
With the emergence of the omicron variant, the U.S. is considering tightening international travel guidelines. The CDC said it might reduce the window for foreign travelers to submit a negative COVID-19 test from three days prior to one day before allowing entry.
Following the recent emergence of the Omicron variant, markets are still attempting to recover after high sell-offs over the past few days. CEO and founder of Asymmetric ETF’s Darran Schuringa reacted to the further dive in markets following Fed Chairman Jerome Powell's announcement that the central bank is discussing speeding up the taper of its bond-buying program.
Black Friday and Cyber Monday are over, but even early bird shopper could find themselves with gifts in time this holiday season due to potential delivery delays as traditional mail services such as the UPS and Fedex work to get packages from mail rooms to front doors. Kassidy Bird, Senior Director of Marketing at Convey by Project44 gives an in depth look into how savvy shoppers can navigate around potential shipping issues this holiday season.
Reese Mozer, CEO and co-founder of American Robotics, joins Cheddar News to discuss innovations in edge computing and how drone technology can maximize its potential.
Elizabeth Ebert, CIO Advisory Partner for CPG, Retail and Logistics at Infosys Consulting spoke to Cheddar about why this Black Friday, with increased pressure due to inventory issues, supply chain delays, and labor shortages, shelves may not be as stocked as usual this holiday season.
Jill and Carlo cover the latest on Omicron, another school shooting in America and more. Plus, bidding farewell to 'transitory' inflation, and the controversy surrounding 'Lovely Bones' author Alice Sebold.
