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.
Fed officials offered few hints about their plans beyond an openness to speed up the pace of rate hikes.
German vaccine maker BioNTech unveiled plans Wednesday to establish manufacturing facilities in Africa that would boost the availability of much-needed medicines on the continent.
Americans are opening their wallets to celebrate romance - and a lot of them are looking for experiences. Junior's Restaurant famous for its cheesecake, is celebrating the holiday by offering vow renewals and weddings at its flagship location in Brooklyn, NY. Cheddar News spoke to owner and "minister" Alan Rosen to find out more.
Stocks shook off an early slump and ended mixed on Wall Street Wednesday after minutes from the Federal Reserve’s latest meeting showed policymakers still leaning toward moving decisively to fight inflation.
Wholesale inflation in the United States surged again last month, rising 9.7 percent from a year earlier in a sign that price pressures remain high at all levels of the economy.
Stocks ended broadly higher on Wall Street Tuesday as investors welcomed signs that tensions might ease in Ukraine.
Mexico’s president said Monday the U.S. suspension on avocado imports and recent environmental complaints are part of a conspiracy against his country by political or economic interests.
While candy, greeting cards, and flowers make the top three most popular gifts, experiences are growing in popularity.
As we celebrate Black History Month, Cheddar is highlighting prominent Black Americans who are carving their own historic paths and trailblazing in their fields. Today we feature media mogul Byron Allen.
Tesla is recalling nearly 579,000 vehicles in the U.S. because a “Boombox” function can play sounds over an external speaker and obscure audible warnings for pedestrians.
