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.
Bess Freedman, CEO of Brown Harris Stevens, discusses the factors impacting the housing market and spotlights the latest trends within New York's luxury real estate.
Colgate-Palmolive is shedding light on the little-known fact that oral health is integral to overall health. The consumer products company will commit $100 million over five years to transform the way the world thinks about and addresses oral health. Maria Ryan, Chief Clinical Officer at Colgate-Palmolive, discusses why oral health is so vital to our physical and mental well-being.
Amid ongoing tensions in the Russia-Ukraine region, many American travelers are nervous about traveling to Europe.
It comes at a time when international travel was set to make a comeback, but uncertainty surrounding the conflict may delay the overall recovery. Francesca Page, Travel Expert, joined Cheddar's Opening Bell to discuss.
Daniel Newman, Founding Partner & Principal Analyst at Futurum Research, discusses whether Apple's Peek Performance event will be enough to lift shares and what the impact of cutting ties with Russia means for the tech giant's growth prospects.
Jason Moser, Senior Analyst at The Motley Fool, discusses the industries most impacted by the return to office trend and outlines the factors that may affect spending this year.
Russia's invasion of Ukraine is coming for the global food supply. Ongoing tensions in the region are threatening the supply of various agricultural products including wheat, barley and corn. Vladik Rikhter, CEO & Cofounder of Zenput joined Cheddar's Opening Bell to discuss how this could impact food prices overseas.
Aaron Easterly, CEO of Rover, discusses the factors that led to Rovers YOY growth and how the potential uptick in travel and commuting will affect Rover for the remainder of the year.
Peter Andersen, Chief Investment Officer at Anderson Capital Management, discusses the ramifications of Europe reducing dependence on Russian oil and how the Fed may respond to rising interest rates.
U.S. markets opened mixed on reports that Biden could announce a ban on Russian oil as soon as today. Robert Cantwell, Founder and Portfolio Manager at Upholdings joined Cheddar's Opening Bell to discuss.
