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 again closing higher on Wall Street, with the S&P 500 posting its seventh straight gain and seventh consecutive all-time high.
America’s employers added 850,000 jobs in June, well above the average of the previous three months and a sign that companies may be having an easier time finding enough workers to fill open jobs.
Stocks finished broadly higher on Wall Street Thursday, adding to the gains that helped the market close out its best first half of a year since the dotcom bubble.
The number of Americans applying for unemployment aid fell again last week to the lowest level since the pandemic struck last year.
The race for an exchange-traded fund (ETF) based on bitcoin is heating up despite multiple delays from federal regulators.
Wall Street closed out its fifth straight quarterly gain Wednesday, continuing its comeback from a steep drop in early 2020 at the onset of the coronavirus pandemic.
President Joe Biden is in Wisconsin, looking to sell voters on the economic benefits of the $973 billion infrastructure package.
Hannah Everhart, a Maryland tattoo artist, is among those professionals rocked by the pandemic, but now the industry is seeing incredibly high demand. She has seen so much interest that she's booked until October.
U.S. stocks drifted further into record heights in a listless day of trading on Tuesday, as Wall Street waits for the heavyweight economic data coming at the end of the week.
Christina Radigan, chief marketing officer of the Out of Home Advertising Association of America, joined Cheddar News' Michelle Castillo to talk about its new study on consumer travel trends and the push to get people to do things outdoors.
