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.
Anthony Sassine, a senior investment strategist at KraneShares, joined Cheddar to discuss Rivian's historic public debut after the company achieved an $86 billion valuation — more than either Ford or GM. He said the big IPO was a great opportunity for the U.S. to position itself as a leader in the EV space after lagging behind Europe and China. "When you have certainty for growth for the next 10 to 15 years, investors are willing to pay more," he said. "So, this is a massive opportunity for the whole space."
The Department of Justice has filed a lawsuit against Uber, alleging the ride-hailing company discriminates against customers with disabilities. The DOJ is arguing that its two-minute wait period before a cancellation fee is applied violates the Americans With Disabilities Act.
Adam Aron, CEO of the theater chain and meme stock AMC, filed to sell off 1.25 million shares in the company ahead of his 67th birthday. Aron cited proposals in Congress looking to raise capital gains tax rates behind his decision to diversify his assets as a part of his estate planning.
This November, Philips Norelco is partnering with Movember® in the United States and Canada to urge men to tackle health issues that are right under their noses. Brett Bardsley, Category Leader, Philips Grooming & Beauty, and Dr. Jake Taylor MD, MPH, Chief Urology Resident at NYU Langone Health, join None of the Above to break down how this partnership is more than just growing & grooming a Mo all month long, what men should know about their own mental and physical well-being, and the impact Philips continues to have as a global health technology company supporting men’s health programming and delivering meaningful innovations.
Learn more about how to get involved at Philips.com/Movember
