Inflation slowed to 6.5% in December from a year ago
Prices reflected the smallest annual increase since October 2021 amid lower costs for gasoline and energy services.
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Prices reflected the smallest annual increase since October 2021 amid lower costs for gasoline and energy services.
Some people in the market to buy a house said that even though the interest rates are more than double, they would prefer to buy right now as opposed to when the interest rates are low because it was such a buying frenzy.
In the mid-1970s inflation was so high, the president referred to it as "public enemy #1" – and turned to Madison Avenue to come up with an ad campaign and rallying cry, "Whip Inflation Now."
The job market remains strong — a good sign for workers but a blow to the Fed's efforts to cool inflation.
Should Fed's rate hikes cause a recession, a jump in layoffs and unemployment claims would be an early sign.
Almost 4 in 10 of consumers who went into debt expect it will take at least five months to pay off their bills.
The minimum salary people want has risen to 8-year high, reflecting a hot job market and high cost of living, a survey says.
Seniors and other recipients are getting the biggest bump since 1981. But tax and Medicare issues may complicate things.
Rates are at their highest level in 15 years as policymakers try to tamp down inflation without torpedoing the economy.
Punishing inflation is forcing many people to economize this holiday season, while some are skipping gifts altogether.
Price increases are slowing but have a long way to go before hitting the Federal Reserve's 2% target.
Sharp drop in average gas prices signals that this year's breakneck pace of inflation is cooling.
Inflation dropped to still-high 6%, likely bolstering Fed's resolve to keep raising interest rates well into 2023.
Rising inflation could cause tighter budgets for some families as others may wonder how generous they can be.
It's estimated more gift buyers are likely to shop on Small Business Saturday than Black Friday this year.
Thanksgiving dinner will cost a whopping 20% more than it did last year, according to a new survey released Wednesday by the American Farm Bureau Federation.
You might have found the perfect house, but between the price and the interest rate, you're not sure if you should buy.
It's never a great time to carry credit card debt. But right now is arguably the worst time.
Inflation? High gas prices? American gamblers are shrugging them off — and losing money at casinos at a record pace.
Stocks rose in afternoon trading on Wall Street Tuesday as Americans head to the polls to vote in midterm elections that are being heavily influenced by inflation and the threat of a recession.
A measure of inflation that is closely monitored by the Federal Reserve remained painfully high last month, the latest sign that prices for most goods and services in the United States are still rising steadily.
With cost of groceries not slowing down, businesses like Detroit Cookie Co. continue fighting off food inflation.
Every time Amy Johnson turns on the water, she is thinking about her water bill. It's $13,000. How is that even possible?
Borrowing costs rose to their highest level in 14 years, and more interest-rate hikes are likely, Fed signaled.
Former U.S. Ambassadors John Rakolta Jr. and David Fischer appear on CBS 62's "Michigan Matters" this Sunday to talk about their time in those diplomatic jobs and how they ended up helping the Abraham Accords get signed.
If your vehicle is parked on city streets, you may be asked or instructed to move it for the snowplows.
A Beverly Hills man faces up to 30 years in prison in a federal wire fraud investigation involving pandemic-era relief programs.
A 3-year-old Warren boy is getting hospital treatment in the aftermath of an accidental shooting, police say.
Three men were arrested after police spent an hour looking for intruders in the former St. Mary Academy building in Monroe.
The 2026 Songwriters Hall of Fame inductees were revealed on "CBS Mornings" on Wednesday. See the full list.
A winter weather advisory has been issued for Wednesday across Southeast Michigan. Falling snow is expected to impact the morning commute.
If your vehicle is parked on city streets, you may be asked or instructed to move it for the snowplows.
Some Southeast Michigan communities have invoked warming shelter procedures, giving a chance for people to get a break from cold weather.
A Beverly Hills man faces up to 30 years in prison in a federal wire fraud investigation involving pandemic-era relief programs.
A statewide shortage of salt is prompting the road commission in Monroe County to make changes to its supply with local partners.
U.S. Secretary of Transportation Sean Duffy, who stopped at the Detroit Auto Show, claimed that efforts by the administration to reverse the Biden-era electric vehicle policies will make cars more affordable again, including rolling back fuel efficiency standards.
On average, drivers in the state are paying $2.96 per gallon for regular unleaded fuel.
The 2026 Detroit Auto Show opened to the public on Saturday. Some people at the show think the Trump administration is doing a good job of making cars more affordable. Others disagree.
The Detroit Auto Show's Charity Preview is Friday night, and CBS News Detroit is taking you there.
The North American International Auto Show in Detroit once dedicated an entire track on its coveted show floor to getting consumers comfortable with electric vehicles and charging.
The 2026 Songwriters Hall of Fame inductees were revealed on "CBS Mornings" on Wednesday. See the full list.
Milford Independent Cinema has been a staple in its southeast Michigan community for decades.
In a video provided to TMZ on Tuesday, Timothy Busfield said the allegations "are all lies."
Scott Adams, the cartoonist who created the "Dilbert" comic strip, has died at the age of 68, his first ex-wife revealed on Tuesday.
Here is everything you need to know about how to watch and stream the 2026 Golden Globes.
Ford is recalling roughly 119,000 vehicles because their engine block heaters have a defect that increases the risk of fire, the National Highway Traffic Safety Administration says.
A car wash chain beat out bigger employers such as Google and Nvidia to take the top spot as the best place to work in 2026.
As intense debate continues throughout the country regarding the U.S. Immigration and Customs Enforcement, some Metro Detroit communities are informing each other about what to do if they interact with ICE agents.
After returning to Joint Base Andrews, President Trump departed for Davos about one hour later aboard a second aircraft.
Hawaii enacted a rule that bars people from bringing guns onto private property that is open to the public, like shops or gas stations, unless the owner gives express authorization.
Officials in Oakland County, Michigan, say they will establish a committee in an effort to strengthen long-term water safety after Legionella bacteria were detected at two different area facilities last month.
While the termination of these substance abuse and mental health service funds is now reversed, the 48-hour rollercoaster is creating uncertainty and distrust from organizations relying on those dollars.
The U.S. House of Representatives approved Thursday a three-year extension of subsidies for the Affordable Care Act.
Michigan health officials say only 23% of Michigan residents have received this year's influenza vaccine.
The CDC took six previously routine vaccinations off its recommendation list, but Michigan health officials suggest parents consider those immunizations anyway.
Tobias Harris scored 25 points and Jaylen Brown missed a jumper just before the buzzer, allowing the Detroit Pistons to hold on for a 104-103 win over the Boston Celtics in a matchup of teams with the best records in the Eastern Conference.
With Cooper Schoenberg and Carter Lutz's respective schools, Indiana and Miami, playing on Monday for the College Football Playoff title, it is putting that bond to the test.
The Lions are set to hire Arizona Cardinals' offensive coordinator Drew Petzing as Detroit's next OC, a source told CBS Sports.
Alex DeBrincat scored 36 seconds into overtime to give the surging Detroit Red Wings a 4-3 win over the Ottawa Senators.
From being treated like "cattle" as a young girl to sleeping in her car off a Polish highway, Allison Reed has taken a long, hard road to follow her Olympic ice dance dream.
Penske and Reuss address a wide range of critical issues for Detroit, Michigan and the nation.
Huntington Place CEO Bryan Crowe and his team have been preparing to welcome hundreds of thousands of visitors to the Detroit Auto Show this week.
The focus is on health, as Dusty Mysen, a father of four from Oxford, diagnosed with pancreatic cancer several years ago, who underwent aggressive therapy, is now cancer-free five years later.
The roundtable discusses efforts by political and corporate leaders to raise the bar and improve K-12 education with a focus on raising reading scores.
With one in eight adults at risk for kidney disease, Dr. Silas Norman, a University of Michigan doctor specializing in kidney health, and Sandy Baruah, President and CEO of Detroit Regional Chamber, appear on Michigan Matters.
Wednesday's winter weather has affected travel conditions. County road crews are watching a road salt shortage in Michigan. Other top stories and weather.
President Trump is scheduled to address the World Economic Forum in Davos, Switzerland, amid unprecedented tension with America's closest allies over Mr. Trump's efforts to make Greenland part of the U.S. CBS News has this report.
Traffic was moving slow early Wednesday in Metro Detroit. Here's a look at the travel conditions at about 6:30 a.m. Jan. 21.
Another round of snow this morning that will disrupt the morning rush hour commute. Winter Weather Advisory in effect until 1 PM Wednesday afternoon. Total snow accumulations of 1 to 3 inches, with highest amounts of 4' possible between M59 corridor. Another chance of snow showers Wednesday night and Thursday, with some minor accumulation possible. Dangerously cold wind chill expected again Friday into the weekend. Minimum wind chill below -10F expected each morning.
As intense debate continues throughout the country regarding the U.S. Immigration and Customs Enforcement, some Metro Detroit communities are doing what they can to inform each other about what to do if they come in contact with ICE agents.