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.
Netflix’s "Squid Game" has been the buzz of the entertainment world and according to Bloomberg, the series has an estimated value of $900 million to the streaming giant. So far, the film has hit number one in each country Netflix operates in.
Disney has announced that it is reworking the release schedule of its Marvel Cinematic Universe like "Black Panther 2" and "Doctor Strange in the Multiverse of Madness." The delays were reportedly attributed to production issues and the theater date selection process amid the pandemic.
Oil prices are set to soar to record highs as economists project rates of $100 per barrel with Brent Crude Options expected to hit $200 by the end of 2022.
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