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.
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America’s employers added just 235,000 jobs in August, a modest gain after two months of robust hiring at a time when the delta variant’s spread has discouraged some people from flying, shopping and eating out.
Stocks closed mostly lower on Wall Street Friday following a weak jobs report, but gains for a handful of Big Tech companies allowed the Nasdaq composite to sneak in another record high.
The number of Americans seeking unemployment benefits fell last week to 340,000, a pandemic low, another sign that the job market is steadily rebounding from the economic collapse caused by the coronavirus pandemic.
The stock market recovered from an afternoon stumble and ended with modest gains Thursday, enough to mark more record highs for the S&P 500 and the Nasdaq.
