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.
COVID-19 continues to impact the world of sports, and most significantly, the NHL. The world's premier hockey league has postponed a total of 104 games so far this season, and a spike in omicron infections has led to a surge in postponements in recent weeks. This comes after the NHL went dark for six days in December because of a COVID-19 outbreak, and after the league decided not to have its players participate in the 2022 Beijing Olympics so it can use the time to reschedule postponed games. Yahoo Sports NHL reporter Justin Cuthbert joined Cheddar News' Closing Bell to discuss.
The internet shutdown has led some Kazakhstan-based miners to hint that they may be looking for greener pastures, while others are banking on a return to normal once the social unrest settles in the country.
Prices paid by U.S. consumer jumped 7% in December from a year earlier, the highest inflation rate since 1982.
Stocks closed higher on Wall Street Wednesday after the latest report of surging prices appeared to keep the Federal Reserve on track to raise interest rates later this year.
Federal Reserve Chair Jerome Powell told lawmakers on Tuesday during his confirmation hearing that it is time to wind down the central bank's aggressive pandemic-era policies.
Stocks closed higher on Wall Street Tuesday as technology companies rebounded after an early loss.
Take-Two Interactive, maker of "Grand Theft Auto" and "Red Dead Redemption," is buying Zynga, maker of "FarmVille" and "Words With Friends," in a cash-and-stock deal valued at about $12.7 billion.
Stocks ended slightly lower on Wall Street Monday after recouping much of an early slide.
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.
2021's supply chain woes are quickly becoming a 2022 problem as well. Here's what experts are anticipating for Year Two of the supply chain crisis.
