Fed's preferred inflation gauge hits 3-year high
Inflation continued to rise in May, with the Personal Consumption Expenditures price index rising at an annual rate of 4.1%.
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Inflation continued to rise in May, with the Personal Consumption Expenditures price index rising at an annual rate of 4.1%.
New Fed Chairman Kevin Warsh is stepping in at a critical juncture for the U.S. economy, with inflation at its highest level in more than three years.
The Consumer Price Index rose last month at a 4.2% annual rate amid a spike in U.S. energy prices.
Economists expect the Consumer Price Index this week to show U.S. inflation continuing to rise due to higher energy costs.
The personal consumption expenditures price index, the Federal Reserve's preferred gauge of inflation, jumped due to higher energy costs.
U.S. consumer prices rose in April, fueled by a spike in energy prices caused by the Iran war.
The impact of higher energy prices and fears about covering monthly bill is taking a toll on public sentiment, a new Gallup poll finds.
Economists say Americans should expect elevated prices at the pump and rising grocery costs in the months to come.
The chain's North American operator forecast it will open 205 stores in 2026, although those openings will be outpaced by a series of closures.
The cost of ground beef in the U.S. has soared in recent years and is forecast to jump even further in 2026. What gives?
Inflation rose at an annual rate of 3.3% in March, driven by the sharpest monthly increase in gas prices since 1967.
These charts track prices consumers pay for groceries and other goods now compared to five years ago.
Economic forecasts show that this week's March Consumer Price Index could show prices climbing at their fastest pace in nearly two years.
Inflation came in below economists' forecasts and slowed from December's 2.7% annual rate.
Most Republicans feel Trump has done more than expected, while others have views that are more mixed.
Although there are signs that inflation is starting to ease, consumers still face pressures from high food prices and other costs.
Economists had expected CPI to rise at an annual rate of 3% last month.
The Federal Reserve is grappling with economic issues including higher inflation and a slowing labor market.
A higher Medicare Part B premium in 2026 could erode next year's cost-of-living adjustment for Social Security recipients, experts say.
Those prioritizing economy say Trump is not spending enough time on it, as ratings of economy, his handling of inflation slip.
Wholesale prices for frozen turkeys are expected to be $1.32 per pound this year, a 40% increase from last year's average.
Visa predicts Americans will spend an average of $736 on holiday gifts in 2025, a 10% increase from the $669 reported last year.
Inflation last month rose at an annual rate of 3%, coming in below economists' forecasts as the impact of President Trump's tariffs remain muted.
Social Security's annual cost-of-living adjustment is aimed at helping the program's 75 million beneficiaries keep pace with inflation.
Citing the shutdown, the Social Security Administration postponed its announcement of the annual payment bump beneficiaries will receive in 2026.
Multiple residents are left worried about what's to come next week with extremely hot temperatures in the forecast.
Tatsuya Imai struck out 10 in six scoreless innings and Taylor Trammell homered to lead the Houston Astros to a 2-1 victory over the Detroit Tigers on Thursday night.
A Macomb County judge issued two bench warrants against Kim Mathers, the ex-wife of rapper Eminem, after she failed to appear for court hearings following a DUI last month.
Williams said the suspect lived in the home and appeared to be the only occupant at the time of the shooting.
The city of Farmington is often recognized for its walkable downtown. To keep the public safe, police are cracking down on drivers who fail to stop at crosswalks.
Williams said the suspect lived in the home and appeared to be the only occupant at the time of the shooting.
Multiple residents are left worried about what's to come next week with extremely hot temperatures in the forecast.
Detroit Lions cornerback Terrion Arnold is in custody after turning himself in to authorities in Florida.
The Detroit Police Department is investigating after a man was killed and a young child was hurt in a shooting on Wednesday night.
Tatsuya Imai struck out 10 in six scoreless innings and Taylor Trammell homered to lead the Houston Astros to a 2-1 victory over the Detroit Tigers on Thursday night.
President Trump says major automakers Ford and General Motors are in talks with defense contractors about possibly repurposing some plants for weapons production.
According to AAA, the average cost of gas statewide sits at $4.07.
Ford is recalling more than 250,000 vehicles that were incorrectly repaired under a previous recall meant to fix a problem that caused the engine to stall while driving, according to the National Highway Traffic and Safety Administration.
The United Auto Workers announced on Wednesday a tentative agreement with American Axle in Three Rivers, Michigan, ending a 10-day strike.
American Axle, which is headquartered in Detroit, is a Tier 1 supplier to General Motors. UAW members have launched a strike at its Three Rivers site.
National Detroit-style Pizza Day is June 23, a date tied to a dish that traces its roots to a Detroit neighborhood bar and a Sicilian family recipe from 1946.
Crews have been preparing all morning, getting everything ready for the show just after 10 p.m.
Clive Davis helped shape the careers of music stars including Janis Joplin, Bruce Springsteen and Whitney Houston.
Claude Guillemot and a flight instructor were flying in a twin-motor Cessna 421 on Friday evening. An investigation into the crash is underway.
James Burrows directed more than 1,000 episodes of television, including every episode of the original "Will & Grace."
Tatsuya Imai struck out 10 in six scoreless innings and Taylor Trammell homered to lead the Houston Astros to a 2-1 victory over the Detroit Tigers on Thursday night.
The heaviest demand on America's water supply isn't data centers or AI. It's from everyday uses such as growing food, watering lawns and flushing toilets.
No foul was initially called after Alyssa Thomas' fist made contact with Caitlin Clark's throat during a game between the Phoenix Mercury and Indiana Fever on Wednesday.
The Battle of the Little Bighorn killed Custer and more than 260 others on June 25, 1876 — and his complicated legacy is still visible in Monroe, Michigan, where a statue honoring him remains standing despite calls for its removal.
The Supreme Court on Thursday said the Trump administration can move forward with its efforts to strip more than 356,000 Syrian and Haitian immigrants of temporary protections.
Five of the twelve organizations receiving these opioid settlement funded grants are located in Southeast Michigan.
The death of one dialysis patient and hospital treatment for five others are under scrutiny in the Novi area.
Michigan Gov. Gretchen Whitmer named a new acting director of the Michigan Department of Health and Human Services ahead of current Director Elizabeth Hertel's departure.
On Monday, Michigan Gov. Gretchen Whitmer announced the state's second round of medical debt forgiveness.
Blood drives are happening all across Michigan, including one at the Sickle Cell Disease Association of America Michigan Chapter in Detroit.
Tatsuya Imai struck out 10 in six scoreless innings and Taylor Trammell homered to lead the Houston Astros to a 2-1 victory over the Detroit Tigers on Thursday night.
No foul was initially called after Alyssa Thomas' fist made contact with Caitlin Clark's throat during a game between the Phoenix Mercury and Indiana Fever on Wednesday.
Detroit Lions cornerback Terrion Arnold is in custody after turning himself in to authorities in Florida.
Tampa police say Arnold turned himself in on Wednesday at Orient Road Jail in Hillsborough County.
Paul Goldschmidt had two home runs and Jasson Domínguez hit a go-ahead, two-run shot in the sixth inning off Tarik Skubal, lifting the New York Yankees to a 4-2 series-winning victory over Detroit.
Former U.S. Energy Secretary and Michigan Gov. Jennifer Granholm appears exclusively on CBS Detroit's Michigan Matters.
We're in the throes of the 100 most dangerous driving days of the year as more folks take to the road for vacations.
Four leaders appear in one-on-one conversations on CBS Detroit's Michigan Matters this Sunday to discuss their political futures and the road ahead in the 2026 midterms.
Bob Riney, president and CEO of Henry Ford Health, headlines Michigan Matters this Sunday, along with three other community champions who discuss important issues dissected at the Mackinac Policy Conference.
It's the fourth year the Detroit Grand Prix has been on the streets of the Motor City after moving from Belle Isle.
Detroit Lions cornerback Terrion Arnold made his first appearance in a Tampa courtroom Thursday after facing multiple felony charges connected to an alleged violent robbery and kidnapping earlier this year.
According to Center Line police, at least four air conditioning units from a neighborhood were stolen late last week, and investigators say similar thefts have occurred in Warren as well.
Detroit police shot and killed a man who they say opened fire on officers who were executing a search warrant Thursday evening on the city's west side.
The city of Farmington is often recognized for its walkable downtown. To keep the public safe, police are cracking down on drivers who fail to stop at crosswalks.
Inflation has left Oakland County's public schools struggling to keep up this year. In response, Oakland County Public Schools have joined together in asking the community to increase school funding to fight inflation.