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.
A Glassdoor report found mentions of "burnout" in online job reviews have increased by 100 percent over the course of the pandemic. Daniel Zhao, the senior economist for the company, talked to Cheddar about the underlying reasons workers have been expressing themselves about the state of their mental health. "That's really a reflection of the fact that the COVID-19 pandemic has been going on for almost 2 years now, and it's really dragged on," he said. "So workers are increasingly feeling like the lines between their work life and their home life are blurred, and they don't feel like they can get that same balance that they might have been able to get before the pandemic."
Tesla's third-quarter earnings report is expected to beat expectations on both the top and bottom lines amid record-high delivery numbers. The electric vehicle giant hit a record high of 241,000 deliveries - strong numbers amid ongoing global semiconductor and supply chain shortages. This segment is brought to you by Webull. Download the Webull app and start learning, sharing, and investing.
Housing prices are through the roof creating trouble for potential homebuyers, especially first-time owners and minority buyers. Keosha Burns, executive director and senior advisor for community and affordable lending at Chase, is behind the "Beginner to Buyer" podcast. "I really wanted to make sure that we were having an inclusive, diverse, and relevant conversation that helped people determine not just what to do once you get to the table but who are those trusted advisors you should have around you? How much can you actually afford?"
Space exploration is also getting a boost amid all the excitement surrounding space tourism. Satellite launch service provider Rocket Lab secured a partnership with NASA this month to develop a solar sail launch for deep space or interplanetary exploration purposes. Founder and CEO Peter Beck joined Cheddar to discuss the details of the technology and the timeline for launch.
