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.
Craig Wright, a computer scientist who claims to be the inventor of Bitcoin, prevailed in a civil trial verdict Monday against the family of a deceased business partner that claimed it was owed half of a cryptocurrency fortune worth tens of billions.
Stocks are off to a solid start on Wall Street Tuesday as investors continue to wager that the new variant of the COVID-19 virus won’t pose a big threat to the economy.
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New York City has become a testing ground for super-fast grocery delivery services like Gorillas, offering instant gratification in the 10 to 15 minutes.
Cheddar senior reporter Michelle Castillo dives into the aftermath of what the NCAA's changing stance on student-athletes profiting off of their name, image, and likeness.
Mercedes-Benz is bringing its first all-electric luxury vehicle brand, EQS, to the United States. Cheddar's Chloe Aiello takes a spin and reports.
An activist investor is pushing department store chain Kohl’s to either sell the entire company or spin off its e-commerce division.
Stocks closed solidly higher on Wall Street Monday, aided by a broad rally that included travel-related companies that stand to benefit from more reopening of the economy. The S&P 500 rose 1.2%, making up nearly all the ground lost last week.
The American Truck Driver Association estimates it will have to replace one million truck drivers over the next decade. But the problems are becoming especially dire now with mounting supply chain issues.
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.
