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.
While supply chain issues may delay items you ordered for the holidays, Amazon is confident its investments in logistics, workforce labor, and stock will ensure you get that package in a timely manner.
This year, consumers might not be as surprised by what's under their trees as by the trees themselves. Despite a tighter market for trees, Stew Leonard's was able to secure its entire stock of Christmas trees from a supplier in Quebec. But some prices jumped this year as a result of increased costs for shipping and labor amid the COVID-19 pandemic.
Electric and hydrogen-powered truck startup Nikola has agreed to a $125 million settlement over charges that it defrauded investors after misleading them about its products, technical advances, and financial prospects.
California prosecutors say retail giant Walmart illegally dumps more 1 million batteries, aerosol cans of insect killer and other products, toxic cleaning supplies, electronic waste, latex paints and other hazardous waste into California landfills each year.
While there are many places where you can buy weed, there are very few places where you can publicly smoke it. One Denver business owner is looking to change that. The Patterson Inn was recently the first, and only, business to apply for the newly available hospitality license. Natalie Fertig, cannabis policy reporter at Politico, joins Cheddar News to discuss the future of the cannabis industry.
