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.
You've probably seen a traditional shipping container, but did you know that thousands of them sit empty at ports around the world and make supply chain issues worse? Staxxon says it has a solution: a foldable shipping crate that can be stacked with several others in order to save space, time, money, and even carbon emissions. George Kochanowski, CEO and CTO of Staxxon, joins Closing Bell to discuss its foldable containers, how the containers work with current shipping technology, and how they might save retailers money and space.
A recent survey from tech giant HP shows that while women are very interested in advancing their careers, men are still promoted at a much higher rate. Managing Director of North America at HP Stephanie Dismore joined Cheddar News to discuss the data and how changes brought on by the pandemic helped — and hurt — women in the workforce. "This whole idea of hybrid working is a challenge, but it's also an opportunity. And ideally what it can do for women is provide extreme flexibility, and it gives them an opportunity to really be very vocal about what they need and how they can contribute the best in the environment that they're in," she said. "However, at the same time, while women are applying and wanting to advance their careers. COVID actually had the reverse effect. And if you look at other studies, one in four women actually took a step back from their careers or exited the workforce altogether."
Apple made Academy Awards history this week when it won the best picture award for "Coda," available exclusively on its streaming platform, Apple TV+. It beat streaming rivals Netflix and Amazon Prime to the punch, and the trophy could strengthen its streaming ambitions as well as bring in more subscribers to compete in the space. Dan Ives, Managing Director of Equity Research at Wedbush Securities, joins Closing Bell to discuss Apple's big win, what it means for the company and the streaming space, its content strategy, and more. "I think it's really a feather in the cap, but I think it's going to propel the streaming ambitions significantly, not just from A+ Hollywood circles coming to Apple but also from a subscriber perspective," he said. "This is a major shot across the bow."
Cynthia Hollen, CEO and Co-Founder, Mavi.io, joins Cheddar News' Closing Bell, where she explains why MAVI OnMyWay provides a more convenient alternative to commerce, as the solution allows people to order food, phone chargers, and other products while driving.
