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.
Spotify’s CEO says that while he condemned podcaster Joe Rogan’s use of racial slurs, he doesn't believe that cutting ties with the popular personality is the answer.
The last trading day of January ended one of the most rocky months for the markets in nearly two years. Dan Russo, Portfolio Manager and Director of Research, at Potomac Fund Management explains what happened in January, and what to expect for February.
Just ahead of Google parent company Alphabet reporting its fourth quarter earnings, investors are keeping an eye on revenue from its cloud services, which has been a major area of development recently as well as its ad revenue. Adam Lampe, CEO and Co-Founder of Mint Wealth Management explains why the cloud may be the future for Alphabet.
Kristin Myers, Editor-in-Chief at The Balance, joined Cheddar News to preview the January jobs report, and to break down the racial disparity in employment numbers in the U.S.
The January jobs report saw really strong jobs numbers coming out of that well above what analysts expected. John Traynor, Executive Vice President and Chief Investment Officer at People's United Advisors explains what such a positive report could mean for the markets in both the long and short term and whether or not this could be a turning point for the labor market.
After weeks of bad news about Peloton, reports indicate that the at-home fitness giant might find itself getting acquired. Doug Astrop, managing partner at Exponential Investment Partners, joined Wake Up With Cheddar to discuss the possibility that Amazon, Nike, and Apple might be showing interest in buying the subscription-based business, whose shares have plummeted near 80 percent in the past year. "At some point everybody hits the limit on how many monthly fees they want to pay, how many subscriptions they want to have," said Astrop. "And you know, you've got Netflix, you got Amazon Prime, you got Spotify — I mean there's there's endless people who want you to pay a monthly fee. So, if you can be part of these bundles, it can really be advantageous for everybody."
With no end to inflation in sight, the Fed was likely on edge prior to awaiting the latest January jobs numbers, which are likely to be yet another issue on Fed Chair Powell's already over crowded plate. The jobs report also coming just days after America's national debt hit a huge milestone -- passing 30 trillion dollars for the first time ever. Kathryn Rooney Vera, Head of Research & Strategy at Bulltick explains the amount of pressure that fed is under as it tries to whip the economy back into shape.
Corporate earnings will continue to dominate the conversation in the business world next week, while a Big Oil hearing will discuss the role oil companies play in climate change and disinformation.
