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 are closing lower on Wall Street, marking their third losing week in the last four. Banks, technology companies and industrials all helped pull major indexes lower Friday.
Kellogg's has reached a new tentative agreement with its 1,400 striking cereal plant workers that could bring an end to the strike that began Oct. 5.
U.S. health advisers are recommending that most Americans get the Pfizer or Moderna vaccines instead of the Johnson & Johnson shot.
Technology companies led stocks lower on Wall Street Thursday as investors weighed the implications of higher interest rates as the Federal Reserve prepares to begin raising rates next year to fight inflation.
Former McDonald’s CEO Steve Easterbrook has paid back more than $105 million in equity awards and cash to the burger giant after it learned that he had lied about the extent of his misconduct while he was its top executive.
The Federal Reserve has nixed the controversial word "transitory" to describe inflation in its latest policy statement. The change in language comes as the Fed plans to speed up its tapering of monthly asset purchases.
Stocks rose steadily on Wall Street Wednesday after the Federal Reserve said it would accelerate its pullback of economic stimulus and would likely raise interest rates three times next year to tackle rising inflation.
Despite the hype and headlines earlier this year around meme stocks and Robinhood, the SEC and FINRA have made few concrete changes around retail investing.
The Senate Committee on Banking, Housing and Urban Affairs held a hotly debated hearing regarding fiat-backed stablecoins on Tuesday that still led to a conclusion the space needed some form of regulation.
Under Chair Jerome Powell, the Federal Reserve is poised this week to execute a sharp turn toward tighter interest-rate policies with inflation accelerating and unemployment falling faster than expected.
