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.
U.S. stocks are mixed in jumbled trading on Friday after a weak jobs report raised questions about the Federal Reserve's timeline to pare back its immense support for markets.
Economists and markets were expecting big gains in the Department of Labor's monthly job report released this morning, but overall it was a mixed bag as the COVID-19 delta variant continues to temper economic growth.
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Amplify Energy’s emergency response plan for a major oil spill like the one unfolding in coastal Southern California depended heavily on a quick shutdown of its pipeline if sensors pick up a sudden loss of pressure.
Stocks are closing slightly higher on Wall Street Wednesday as investors shook off a bout of volatility.
Calling opponents “complicit in America’s decline,” President Joe Biden is making the case for his ambitious social spending and building plans by framing them as as key to America’s global competitiveness and future success.
A former Facebook data scientist has told Congress that the social network giant’s products harm children and fuel polarization in the U.S. while its executives refuse to change because they elevate profits over safety.
Stocks are closing with solid gains on Wall Street Tuesday, erasing most of the previous day’s losses.
