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 slumped and bond yields moved sharply higher after a hot reading on inflation led to greater expectations that the Federal Reserve will have to move forcefully to cool down the economy.
Inflation soared over the past year at its highest rate in four decades, hammering America’s consumers, wiping out pay raises and reinforcing the Federal Reserve’s decision to begin raising borrowing rates.
SpaceX's newest fleet of satellites is tumbling out of orbit after being struck by a solar storm.
The gambling industry’s national trade group estimates a record 31.5 million Americans plan to bet on this year’s Super Bowl.
Hyundai and Kia are telling the owners of nearly 485,000 vehicles in the U.S. to park them outdoors because they can catch fire even if the engines are off.
Apple said Tuesday it is expanding the iPhone's capabilities to accept contactless payments, making it easier for merchants to conduct tap-to-pay transactions without having to buy additional hardware.
Stocks closed broadly higher on Wall Street Wednesday, putting the market further into the green for the week after a solid gain a day earlier.
The House Financial Services Committee on Tuesday held a hearing to discuss potential regulations for stablecoins.
The Justice Department has announced its largest-ever financial seizure — more than $3.5 billion — and the arrests of a New York couple accused of conspiring to launder billions of dollars in cryptocurrency.
The co-founder of Peloton is stepping down as chief executive after an extended streak of tumult at the company, which will also cut almost 3,000 jobs.
