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.
President Joe Biden announced during a briefing on supply chain bottlenecks that a host of businesses and parcel delivery services have committed to moving more goods to their intended destinations during overnight hours as part of the 24-hour LA port service expansion. Walmart, FedEx, and UPS were named by the president in his speech.
A judge has temporarily put on hold United Airlines' unpaid leave policy for workers who claimed either religious or medical exemptions from COVID vaccinations. Six workers filed a suit against the company, calling the policy unreasonable.
President Joe Biden took to the podium to discuss the deal that will keep the Port of Los Angeles open for business 24 hours a day, seven days a week as the nation grapples with supply chain issues.
Tesla is rolling out its latest self-driving software beta testing program, offering access to a limited number of Tesla owners. The closed beta will cost an additional $10,000 up front or $199 per month for the opportunity to test the system.
"Star Trek" actor William Shatner's voice broke with emotion as he recounted his trip into space on the Blue Origin New Shepard rocket to Jeff Bezos on October 13, 2021.
