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.
U.S. markets were open for an abbreviated session on the day after Thanksgiving, and the day saw a market meltdown. The Dow dropped more than 900 points for its worst day of the year. Matt Orton, Chief Market Strategist at Carillon Tower Advisers, joined Cheddar News' Closing Bell to discuss.
Amazon employees in 20 countries will strike or protest on Black Friday for better working conditions as part of global 'Make Amazon Pay' campaign. Áine Cain, Senior Retail Reporter, Insider, joins Cheddar News to discuss workers' demands, the impact the strike is having on Amazon, and plans for the retail giant to respond.
At least 31 percent of shoppers said they would be shopping on Black Friday in 2021 compared to 24 percent in 2020, according to a survey by professional services company Deloitte. Jenna Pogorzelski, Deloitte retail leader, joined Cheddar to break down the numbers and discuss the optimism expressed by the survey results despite ongoing retail hurdles such as the pandemic, inflation, and supply chain constraints. "We have updated data that consumers are a little less concerned than last year heading into stores," she said.
Supply and shipping challenges are creating concerns for retailers this holiday season, but Cheddar's Michelle Castillo found shoppers spending anyway this Black Friday. She reports from the American Dream mall in East Rutherford, N.J.
