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.
U.S. stocks fell sharply to close Tuesday's session, with the Nasdaq dropping 3.95% and hitting a new one-year low. Frances Newton Stacy, Director of Strategy for Optimal Capital, joins Cheddar News to discuss her reaction to how markets closed the session, and to break down Q3 2022 earnings from Microsoft. "Netflix was sort of the big warning, and I think Big Tech was down today in anticipation of these earnings," she says.
Ryan Glasspiegel, sports and entertainment reporter for the New York Post, explains why we're seeing teams and leagues gravitate towards Las Vegas, and sheds light on the recent report that Amazon is pushing for a Black Friday NFL game.
With Netflix losing 200,000 subscribers in one quarter, and CNN+ shutting down just weeks after launch, the streaming industry is in a place of uncertainty. Hundreds of people who once thought they had steady jobs now face potential unemployment as streamers figure out how to navigate the constantly changing landscape. Greg Martin, co-founder of Rainmaker Securities, joined Cheddar's Opening Bell to discuss the state of streaming, its troubles, and how its impacting hundreds of workers.
Lance Ippolito, Head Trader at the Future Of Wealth, breaks down the most significant headwinds facing big tech and highlights how companies will fair amid high inflation.
In honor of Earth Day, Peter Krull, Founder and CEO of Earth Equity Advisors, joined Cheddar's Opening Bell to discuss how we can keep corporations accountable to their climate change promises. He argued the recent focus on ESGs and sustainable investing in some ways "has made it easier and more accessible to folks, but it's also made it easier for companies to be misleading in how they portray themselves."
Daisy Pitkin, author of "On The Line: A Story of Class, Solidarity, and Two Women's Epic Fight to Build a Union," joined Cheddar's Opening Bell to discuss her work as a union organizer at Workers United, helping Starbucks workers to organize. Pitkin expressed her enthusiasm for the recent labor push across the country, and explained how the movement can gain even more momentum in the future.
Lance Ippolito, Head Trader at the Future of Wealth, talks about the investor concerns leading to Big Tech earnings and how the shift in consumer buying habits may signal weakness for the overall market.
