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.  

Share:
More In Business
Markets Skyrocket Post 2024 Election
With the election behind us, many are wondering what the next four years look like for the US economy. Drew Pettit, from Citi Group joins Cheddar to discuss.
Could Millennials be Saving Too Much?
An interesting savings trend has popped up among Millennials. Could they be saving TOO much money? Callie Cox at Ritholtz Wealth Management explains.
Load More