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.
Greg Hoffman, the former Nike Chief Marketing Officer and the founder of the brand advisory group Modern Arena, joined Cheddar News to talk about his new book "Emotion By Design: Creative Leadership Lessons From a Life at Nike." The book talks about his high-profile career at the sportswear giant and lessons in branding that came from his time there. "A brand's personality is like a mosaic," he said. "There are so many unique characteristics and traits that you need to express to the world, and to come across as a human brand today, you need to make sure that you're relatable."
Catching you up on what you need to know on April 5, 2022, with Biden's call for a war crimes trial for Putin, another arrest made in the Sacramento mass shooting, NYC rolling out a campaign against Florida’s "Don’t Say Gay" bill, an aluminum shortage potentially affecting beer and cat food cans, and more.
Stocks closed lower on Wall Street Tuesday and bond yields jumped as remarks by a Federal Reserve governor fueled expectations on Wall Street that the central bank is prepared to more aggressively raise interest rates.
