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.
New York State passes the country's first 'right to repair' bill covering electronics. The Fair Repair Act would require all manufacturers who sell digital electronic products within state borders to make tools, parts, and instructions for repair available to both consumers and independent shops. Experts believe the new measure could have a drastic impact on the overall cost of repairing devices and products. Gay Gordon-Byrne, Executive Director of The Repair Association joins Cheddar to discuss.
Here are your Need2Know stories for Tuesday June 7, 2022:
Today, voters head to the polls for primary elections in California, Iowa, Mississippi, Montana, New Jersey, New Mexico, and South Dakota.
Senator Joe Manchin said he would support raising age requirements for gun purchases to 21. Manchin told CNN he also "wouldn't have a problem looking at" a ban on AR-15 assault rifles.
Meanwhile, five players on the Tampa Bay Rays roster opted not to wear a patch added to its uniforms intended to celebrate pride month.
Saving for retirement is more important than ever as inflation lingers, but more Americans are anxious about their ability to do so. A new survey by Schroders shows that many people say they need just over a million dollars to retire comfortably — but only about one-quarter of respondents said they were likely to meet that goal. So, what should people do to retire safely? Joel Schiffman, head of intermediary distribution for North America at Schroders, joins Closing Bell to discuss the survey results, best practices for retirement planning, why a certain percentage of Americans actually plan to work while retired, and more.
Hatem Dhiab, Managing Partner at Gerber Kawasaki, explains how investors can pick up clues on the tech giant's direction by honing in on new offerings like Apply Pay Later and a pair of new MacBook computers.
U.S. stocks close Monday's session slight higher Monday as investors continue to monitor whether the economy will successfully avoid a recession. For many, fears over inflation and rising interest rates. Tommy Mancuso, president and co-founder of the Bad Investment Company, joins Cheddar News' Closing Bell to discuss.
Alex Adelman, CEO and Co-Founder of bitcoin rewards platform Lolli, joins Cheddar News' Closing Bell, where he says that 'incompetent, lazy politics' are behind the push for a crypto mining bill that would implement a two-year moratorium on digital currency mining at fossil fuel power plants in New York. Adelman also explains why this action is contributing to crypto miners leaving the state.
