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.
As Black Friday and Cyber Monday shopping continues, Shopify is tracking sales across the more than 1 million independent and direct-to-consumer brands it powers globally. The e-commerce giant's live map captures data in real time with metrics such as sales per minute and orders per minute, demonstrating the impact independent business have around the world. Ritu Khanna, Shopify's managing director for North America, gives insight into the trends the company is seeing this year.
A federal jury has found CVS, Walmart, and Walgreens responsible for distributing millions of painkillers in two Ohio counties, which as a result fueled the opioid crisis there. The verdict could set the tone for cities and counties across the country that want to hold pharmacies accountable for their role in the opioid epidemic. Barak Lurie, partner and principal attorney at Lurie and Kramer, joined Cheddar to discuss why he thinks the verdict will be overruled.
Natalie Fertig, Federal Cannabis Policy Reporter for Politico Pro, joined Cheddar to discuss the shift among republicans to support federally legalizing marijuana.
Bitcoin has officially entered bear market territory. The cryptocurrency is down 20% from an all-time high of nearly $69,000 dollars, which it hit earlier this month. Experts mark the new potentially vaccine-resistant coronavirus variant as the reason for the dip. Patrick McConlogue, CEO of Overlin, joins Cheddar News to discuss.
Carlo and Baker cover the latest developments with the Omicron variant, and break down what we know and what we still don't. Plus, a relatively tame Black Friday, and more.
