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.
Stock indexes shuffled lower on Wall Street Wednesday, pulling a bit further off their record heights.
Staples Center is getting a new name. Starting Christmas Day, it will be Crypto.com Arena.
Buoyed by solid hiring, healthy job gains, and substantial savings stemming in part from government stimulus checks and other relief, Americans ramped up their spending at retail stores and online shops last month.
Stocks closed higher on Wall Street Tuesday as investors reviewed solid earnings reports from retailers and an encouraging update on consumer spending.
President Joe Biden has signed his hard-fought $1 trillion infrastructure deal into law before a bipartisan celebratory crowd on the White House lawn.
Major indexes ended a wobbly day mostly lower on Wall Street as the market comes off its first weekly loss in six weeks.
As inflation continues to heat up faster than expected, those on the side of seeing it as a transitory issue tied to the pandemic remain steadfast in their position. Cheddar's Alex Vuocolo takes a look at team transitory and its critics.
Babylist, an online baby registry for expecting and new parents, recently raised $40 million a Series C round, bringing the company's total funding to $50 million. Babylist also operates as an e-commerce and content platform. The company says it aims to be a one-stop solution for first-time parents who don't know what they need to buy for their new child. Babylist also says it wants to expand to address the needs of the entire family. Babylist founder and CEO Natalie Gordon joins Cheddar News' Closing Bell to discuss.
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.
The pandemic hit movie theater chains like the Alamo Drafthouse hard. Cheddar Senior Reporter Michelle Castillo talks to CEO Tim League about the reopening and a slow return to normalcy.
