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 closed lower on Wall Street Tuesday as traders took in the latest sign that inflation is still running high ahead of the Federal Reserve’s last meeting of the year.
A gem company in Sri Lanka has unveiled a rare and massive gemstone weighing 683 pounds (310 kilograms) that has been certified as one of the biggest corundums ever found in the country.
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Pinterest combed through its millions of searches to determine the top trends for 2022. Its finds included the resurgence of goth fashion, decorating your home with your pandemic pet in mind and the rise of "alt bashes," parties that celebrated life's quirky moments from divorces to empty nesters. Pinterest head of core research Larkin Brown joined Cheddar News' Michelle Castillo to discuss this year's report.
Prices were up 6.8 percent year-over-year In November, according to the latest consumer price index from the U.S. Bureau of Labor Statistics.
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