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.
America’s employers stepped up their hiring in October, adding a solid 531,000 jobs, the most since July and a sign that the recovery from the pandemic recession may be overcoming a virus-induced slowdown.
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Stocks wound up a mixed bag on Wall Street Thursday, but big gains in several technology giants helped push the S&P 500 and the Nasdaq indexes to more record highs.
The Federal Reserve made official on Wednesday its plan to wind down the aggressive monthly bond-buying program that has defined the central bank's pandemic response.
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Stocks climbed to more record highs Wednesday after the Federal Reserve said it will begin dialing back the extraordinary aid for the economy it has been providing since the early days of the pandemic.
Fed watchers are expecting Jerome Powell to announce a timeline for tapering bond purchases on Wednesday afternoon following the meeting of the Federal Open Market Committee.
Facebook said it will shut down its face-recognition system and delete faceprints of more than 1 billion people.
