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.
Jessi Gold, director of wellness, engagement, and outreach in the Department of Psychiatry at Washington University School of Medicine in St Louis, joins Cheddar News to discuss workplace burnout and what signs to look out for.
The new show "Million Dollar Wheels" takes Discovery+ viewers behind the scenes of what it takes to be a luxury car dealer to the stars. The star, CEO, and founder of Wires Only, a full-service luxury automotive, aviation, and entertainment company, joined Cheddar News to talk about what to expect from the series. "The thing about this show is we've got crazy deals with the craziest clients. I'm talking Kim Kardashian, Tom Holland, Jamie Foxx, the list goes on. And they're the craziest requests you could ever imagine," he said. "And me and my team are trying to make the impossible possible, running all over the place, doing whatever it takes to close these deals."
Actor Tom Holland has been dominating the movie scene lately with two of the top three films in the box office this past month. The star drew in the ticket sales with his roles in "Spider-Man: No Way Home" and "Uncharted."
Officials from Ukraine and Russia have begun meeting along the Belarus border to discuss a potential end to the ongoing invasion, even as the fighting continues to drag on. Rep. Al Green (D-Texas 9th District) joined Cheddar's Opening Bell to discuss the conflict between Russia and Ukraine, what to expect from President Joe Biden's State of The Union Address, and the nomination of Ketanji Brown Jackson for the Supreme Court. "I'm still hopeful, and I hope that Mr. Putin will understand that he has united the world against him," Green said of the new round of peace talks.
In recent years, rideshare companies Lyft and Uber have been moving into the non-emergency medical transportation business, or NEMT helping low-income patients and Medicaid recipients get to appointments they might otherwise miss. Nicole Wetsman, a health tech reporter for The Verge, joins Cheddar News to discuss.
Markets quivered Monday amid worries about how high oil prices will go and how badly the global economy will get hit after the U.S. and allies upped the financial pressure on Russia for its invasion of Ukraine.
