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.
Cross-border payments are big business, and crypto companies want in on the action, which means challenging established remittance services such as Western Union and MoneyGram.
Fast food chain Arby's is collaborating with rapper Pusha T to market the restaurant's new Spicy Fish Sandwich with a diss track aimed at rival McDonald's Filet-O-Fish — an insult to injury considering Pusha T also wrote the "I'm Lovin' It Jingle" for the Golden Arches. Arby's Chief Marketing Officer and President Patrick Schwing joined Cheddar News to discuss the new song and the new sandwich. "We figured out what is the ultimate expression of confidence and that's a diss track," he said. "You've got to really believe in yourself and your product, and when we realize that there's no better person to partner with than Pusha."
Actress, model, author, and entrepreneur Brooke Shields has joined organic CBD company Prospect Farms as its chief brand officer. She joined CEO Brad Tipper to talk to Cheddar News about her coming aboard. Shield’s explained how her involvement with Prospect Farms stemmed from a discussion about her lack of sleep. “I started learning about the positive effects and the different ways that CBD can be introduced to a person's life, and I was just sort of fascinated because it all feels so new to me," she said.
Andrew Chanin, CEO of investment management firm ProcureAM, joined Cheddar to break down the many industries in the space economy and discuss what trends are driving the most growth. "Right now there's been so much media focus on space tourism. Why? Because last year it really debuted itself to the world," he said. "However it's less than 1 percent of the overall space economy, and there are many other parts of space which are actually driving this area."
Catching you up on what you Need to Know on Mar 29, 2022, with updates on the snow squall in Pennsylvania that caused a pileup killing three, the teacher's strike in Sacramento heading into week two, Walmart no longer selling tobacco products in select stores, and what meme stocks are up to this week.
