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.
Stocks are closing with solid gains on Wall Street Tuesday, erasing most of the previous day’s losses.
Facebook and its Instagram and WhatsApp platforms have suffered a worldwide outage.
Tesla says it delivered 241,300 electric vehicles in the third quarter even as it wrestled with a global shortage of computer chips that has hit the entire auto industry.
A new report sheds light on how world leaders, powerful politicians, billionaires and others have used offshore accounts to shield assets collectively worth trillions of dollars over the past quarter-century.
Stocks are closing lower Monday as big technology companies such as Apple and Microsoft take losses.
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.
Elite, teen basketball players are facing more choices than ever with the NBA's developmental league and the NCAA loosening its financial compensation rules. Cheddar's Michelle Castillo reports.
A group of more than 20 current and former employees are accusing Jeff Bezos’ Blue Origin spaceflight company of being a toxic work environment and not following proper safety protocols.
Stocks rebounded on Wall Street Friday but still ended with their worst weekly decline since February.
Senators have fired a barrage of criticism at a Facebook executive over the social-networking giant’s handling of internal research on how its Instagram photo-sharing platform can harm teens
