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.
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Cheddar is celebrating Hispanic Heritage Month by highlighting the history, culture, and contributions of the Hispanic and Latinx communities. We're diving into issues that matter and shining a light on the amazing influence of the Hispanic culture. To celebrate this month, leading fabric and craft retailer, JOANN is launching its second annual Minority Creative Grant program to support Hispanic creatives. The program will provide grants totaling $100,000 to 20 Hispanic business owners in need of financial support. Anthony Davila, lead product designer with JOANN and Shautina Lilly, diversity and inclusion manager with JOANN joined us to talk about the program.
