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.
Prices for U.S. consumers jumped 6.2% in October compared with a year earlier as surging costs for food, gas and housing left Americans grappling with the highest inflation rate since 1990.
An eye-opening report on inflation that was hotter than expected slammed into the bond market on Wednesday, sending yields jumping, and helping knock stocks lower.
Rapper and fashion mogul Ye's high-end clothing company Yeezy agreed Monday to pay $950,000 to settle a lawsuit brought by four California district attorneys over slow shipping to customers.
Robinhood said Monday that it suffered a security breach last week where hackers accessed some personal information for roughly 7 million users and demanded a ransom payment.
Stocks ended moderately lower on Tuesday, ending an eight-day winning streak for the market that had been fueled by strong company earnings and economic data.
The U.S. has fully reopened its borders with Mexico and Canada and lifted restrictions on travel that covered most of Europe.
Tesla shares slumped more than 4% in premarket trading on Monday after its CEO Elon Musk said he would sell 10% of his holdings in the electric car maker based on the results of a poll he conducted on Twitter over the weekend.
Stocks notched some modest gains on Wall Street Monday, enough to mark more record highs for major U.S. indexes.
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.
WarnerMedia posted solid quarterly results with revenue surpassing $8 billion as its entertainment business continues to boom. The media and entertainment giant saw wild success with its HBO Max division, which reached nearly 70 million subscribers globally. To discuss the company's strategy for success, Cheddar senior reporter Michelle Castillo spoke to WarnerMedia CFO Jennifer Biry.
