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.
Amazon says it will be closing down all 68 of its pop-up shops throughout the U.S. and United Kingdom. The e-commerce giant makes the move as it looks to evolve its other brick and mortar chains like Whole Foods and eventually grow into a physical retail powerhouse. Cheddar News was joined by Deren Baker, CEO of Edge by Ascential, to talk more about Amazon's plans to become a retail powerhouse.
NFT and digital collecting platform Neon recently raised $3 million in seed funding. The startup also launched the world's first NFT vending machine, located in New York City's Financial District. Neon says it aims to be the simplest and most accessible way to buy, sell, and trade NFTs, both online and in the real world. Kyle Zappitell, CEO of Neon, joined Cheddar News' Closing Bell to discuss.
President Biden has banned imports of Russian oil to the U.S. in retaliation for its invasion of Ukraine. The president warned of higher prices at the gas pump, leading some analysts to think it could propel the transition to clean, renewable energy. Michael Jones, chairman and CEO of investment solutions company Caravel Concepts, discussed how the ban is hitting green energy stocks as gas prices continue to surge. "I think the 10-year prospects for renewables just got a whole lot better because ultimately this is going to force a transition into renewables," he said.
Award winning journalist Soledad O'Brien teamed up with Edelman Financial to launch her all-new podcast 'Everyday Wealth' aimed at helping women and men alike in all stages of their wealth planning journey. O'Brien joined Cheddar to discuss female entrepreneurship and the importance of financial literacy, especially among women who were disproportionally affected by the pandemic.
A Russian airstrike on a Mariupol maternity hospital that killed three people drew outrage, with Ukrainian and Western officials branding it a war crime.
Stocks slipped on Wall Street Thursday as markets remain choppy amid uncertainty about where inflation, interest rates and the global economy are heading.
Inflation hit another four-decade high in February, according to the latest Consumer Price Index, priming the U.S. economy for persistent price gains through 2022.
