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.
Canada is looking to offset the rising cost of maple syrup by tapping its strategic reserve. Producers in Quebec, accounting for 73 percent of all the maple syrup in the world, will release half of its stockpile amounting to 50 million pounds worth.
Jared Kessler, CEO of real estate firm EasyKnock, joined Cheddar to talk about the housing market staying hot at a time it usually cools down. He attributed part of it to low interest rates and buyers wanting to secure homes before they begin rising again. "We're definitely, at some point, in for higher rates," he said. "Right now, that's a very tough question for the Federal Reserve."
Scott Helfstein, executive director of thematic investing at ProShares, joined Wake Up With Cheddar to break down the early data on Black Friday. Americans were ready to return to in-person shopping after the pandemic fueled a surge in online sales last year. Online sales dipped this year and in-store foot traffic topped 2020 but has yet to reach pre-pandemic levels. "It might not get much better than this for brick and mortar as we wrap up this year, whereas, the online has been in a long-term secular growth trend," he said.
The holidays are here, which means many will raise a glass. In fact, data shows the average American doubles their booze intake between Thanksgiving and New Years, with about 45% of those drinkers choosing vodka as their liquor of choice. Tony Latham, Bacardi's CFO, tells Cheddar what he anticipates will be the most popular spirit or cocktail this holiday season, as well as other trends going into the new year.
This holiday season, e-commerce sales are expected to hit 207 billion dollars, with17 percent of that chunk will occuring between the days of the deals - black friday and cyber monday. Deren Baker, CEO of edge by ascential, joins Cheddar News to give a Cyber Monday preview.
With Black Friday right around the corner, Trae Bodge, Smart Shopping Expert at TrueTrae.com joined Cheddar's Opening Bell to discuss holiday shopping tips ahead of the annual event.
Zoom reported solid third quarter earnings, with a beat on revenue and EPS, but did warn of slowed growth as the pandemic wanes. For more on the company’s third quarter earnings and their innovation plans post-pandemic, Kelly Steckelberg, CFO, Zoom joined Cheddar’s Opening Bell to discuss.
