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.
In recognition of National Women’s Day, the pharmaceutical company Organon is giving all of its employees the day off. Geralyn Ritter, head of external affairs and ESG, for the women's therapeutics business, joined Cheddar News to discuss its call to action and its platform to grow awareness regarding specific health challenges women face. “We need to be more aware of the disproportionate impact that a tremendous number of stressors have on women and that includes broader global events from climate change to the tragedy unfolding in Ukraine with miles-long lines of women and children," Ritter said. "We simply have to make a decision that this is not acceptable anymore."
The investment firm of billionaire Ryan Cohen has taken a large stake in Bed Bath & Beyond and is recommending that the struggling retailer sell all or part of its business.
Jay Hatfield, Chief Investment Officer at ICAP, believes a lot of the bad news regarding the fighting in Ukraine and Fed is already priced into the market and looming uncertainty factored into Friday's movement. However, he also believes the upcoming Fed decision will be good news for Wall Street.
NFT platform OneOf has partnered with Duke University's athletic program to create a special men's basketball NFT collection ahead of Mike Krzyzewski's final home game as Duke head coach this Saturday. Matt Marino, VP of Sports & Lifestyle at OneOf, joins Cheddar News' Closing Bell, where he takes viewers through the offerings available for collectors and his company's other pursuits in the sports collectibles space.
