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.
ZipRecruiter reported revenue growth for the fourth quarter of 2021 and raised its forecast for the coming year, beating Wall Street expectations. The recruitment site has benefited from one of the tightest labor markets in history as companies desperately try to fill empty positions. Ian Siegel, CEO of ZipRecruiter, joined Cheddar to discuss how the company has adapted to The Great Resignation, a tight labor market, and record inflation.
Bank of America is officially the first financial institution to be certified by J.D. Power for financial health support. The data analytics and consumer intelligence company evaluated Bank of America and other financial institutions through a rigorous process that involved reviewing nearly 100 best practices, and Bank of America is the first in the industry to receive it. Holly O'Neill, President of Retail Banking at Bank of America, joined Cheddar to talk more about this certification, what it means, and how to get started on the path to financial health.
Ford is looking to charge its electric business forward -- splitting its EVs and legacy internal combustion engine models into separate units. Ford says the split will streamline its EV business and boost profits, while giving it a better competitive edge. Ford's new EV focused business will be called Ford Model e. Greg Martin, Co-Founder, Rainmaker Securities joined Cheddar's Opening Bell to discuss.
Markets opened higher on Thursday despite ongoing uncertainty amid the Russia-Ukraine conflict. John Petrides, Portfolio Manager, Tocqueville Asset Management joined Cheddar's Opening Bell to discuss early market activity.
Thomas Hayes, Chairman & Managing Member of
Great Hill Capital, talks about the impact rising oil prices are having on airlines and outlines how investors can navigate geopolitical uncertainty.
Velo3d, a company that provides metal 3D printed parts for companies such as SpaceX, reported a boost in Q4 revenue quarter over quarter. Founder and CEO Benny Buller, joined Cheddar News to discuss the earnings and the foundation of the company's current success. "The whole space sector is about 25 percent of our business. We have a lot of business in aviation, in power generation, in energy, and in semiconductors. I would say that the big jump in our revenue is related to the release of our Sapphire XC, which is a scale-up product reducing costs by about three times compared to the first Sapphire machines," he said. "This allows customers to dramatically reduce costs as well as make much bigger parts."
