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.
Stocks closed lower on Wall Street Monday as the U.S. moved to close its embassy in Ukraine amid heightened geopolitical tensions over the thousands of Russian troops that have been amassing on the border.
From Wall Street to Silicon Valley, these are the top stories that moved markets and had investors, business leaders, and entrepreneurs talking this week on Cheddar.
As Super Bowl LVI shapes up to be the biggest gambling event in sports history, restaurants and bars are looking to get in on the rapidly growing world of legalized sports betting.
A rocket startup's big launch debut at Florida's Cape Canaveral has ended with all four mini-satellites destroyed.
SpaceX's Elon Musk says the first orbital flight of his towering Starship could come in another month or two.
Stocks tumbled again Friday, and this time bond yields joined in the swoon as worries about an imminent Russian invasion of Ukraine piled onto Wall Street’s already heavy list of concerns about inflation and interest rates.
The truck blockade at the U.S. border by Canadians protesting the country’s COVID-19 restrictions is tightening the screws on the auto industry, forcing Ford, Toyota and General Motors to shut down plants or otherwise curtail production.
Inflation was hotter than expected in January, but the debate over what this means for the economy is getting even hotter as markets brace for a flurry of Fed rate hikes in 2022.
Anthony and Janique Edwards app EatOkra, one of the top 15 on Apple's App Store in 2021, is hoping to elevate Black-owned restaurants like Brooklyn's Kokomo. Cheddar's Michelle Castillo reports.
As we celebrate Black History Month, Cheddar is highlighting prominent Black Americans carving their own history. now. Today we feature Rosalind Brewer, CEO of Walgreens.
