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.
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.
A panel of U.S. health advisers has endorsed booster doses of Johnson & Johnson’s single-shot COVID-19 vaccine.
Stocks ended higher again on Wall Street Friday, giving the S&P 500 its best week since July.
A panel of U.S. health advisers has endorsed booster shots for Moderna's COVID-19 vaccine.
With prices surging worldwide for heating oil, natural gas and other fuels, the U.S. government said Wednesday it expects households to see their heating bills jump as much as 54% compared to last winter.
More than 10,000 Deere & Co. workers went on strike Thursday after the United Auto Workers union said negotiators couldn't deliver a new agreement that would meet the “demands and needs” of workers.
Stocks rallied on Wall Street Thursday as the market shook off several days of wobbly trading.
The shift from China to the U.S. has convinced some long-time bitcoin miners that renewable energy and crypto mining may actually be a better match for each other than expected.
The Biden administration says the U.S. will reopen its land borders to nonessential travel next month, ending a 19-month freeze due to the COVID-19 pandemic.
The White House says it's helped broker an agreement for the Port of Los Angeles to become a 24-hour, seven-days-a-week operation.
