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.
Babylist is an online baby registry for expecting and new parents, who can use the platform to share what they would like to receive as gifts to celebrate their baby's birth. The company also operates as an e-commerce and content platform for baby products, saying it aims to be a one-stop solution for parents, family, and friends to buy best-in-class baby products at what is a critical and deeply personal moment in their lives. Natalie Gordon, founder and CEO of Babylist. joins Cheddar News' Closing Bell to discuss.
One of the hottest stocks in the news, not for its price but mostly due to its maybe pending acquisition by Elon Musk, is Twitter. Cheddar's Ken Buffa goes in-depth into why the trials and tribulations of the social media platform, currently being accused by the Musk of holding back information on spam accounts, make it the stock of the day.
Apple's Worldwide Developers Conference on Monday provided announced updates for iOS 16, edits to iMessages, an “ApplePay Later” plan, which will allow users to stretch out their payments over four weeks, and new Macbooks. However, the anticipated news for realityOS, software for an augmented and virtual reality headset, did not make the cut. Cheddar News anchor Michelle Castillo had all the details about what to expect from tech giant.
Amazon recently put into effect a 20-1 stock split, but what exactly does that mean? Cheddar News anchors Kristen Scholer and Ken Buffa take a deep dive into the reasons why the e-commerce giant might have decided to split its shares, including accessibility, sending a "psychological signal," and improving valuation.
John Coffee, Law Professor at Columbia University, joined Closing Bell to discuss the latest obstacle in Elon Musk's attempted Twitter takeover, as the billionaire claims the company is hiding accurate information about the number of fake accounts on the platform.
Bill Bellissimo, CEO of Crunchtime, joins Cheddar to break down how he's guiding the food, service, and hospitality industries through the labor crisis with software and technological solutions.
On this episode of On the Job, VP, Assistant General Counsel, ADP, joins Cheddar to discuss how to successfully find and cultivate a mentor-mentee relationship.
On this episode of On the Job, Meg Ferrero, VP, Assistant General Counsel, ADP, discusses how to successfully find and cultivate a mentor-mentee relationship; Bill Bellissimo, CEO of Crunchtime, breaks down how he's guiding the food and hospitality industry through the labor crisis with software and technological solutions; Senior Reporter Chloe Aiello gets a first-person look at how Brooklyn Dumpling house is updating an old-school idea to revolutionize how they do business.
Sheryl Sandberg is stepping down as Chief Operating Officer of Facebook's parent company Meta. After 14 years at a company she helped transform from a little-known social media website into one of the most powerful tech giants in the world, Sandberg announced she's leaving to spend more time with her family and focus on her philanthropic work. Evan Nierman, CEO of Red Banyan Crisis PR and author of Crisis Averted, joined Cheddar to discuss Sandberg's legacy at Facebook, her impact on women in the workplace, and what we can expect to see from her in the future.
