Fed hikes interest rates to highest level in more than 20 years
Although inflation has slowed sharply, Fed officials are again tapping the brakes to ensure the economy slows.
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Although inflation has slowed sharply, Fed officials are again tapping the brakes to ensure the economy slows.
The Consumer Price Index rose at an annual rate of 3%, the Labor Department said on Wednesday.
Fuel prices were about a dollar higher at this time in 2022.
The bill passed 103-100 with most Democrats voting for it and two Republicans joining them.
Both measures, which were backed by every Democrat and a handful of Republicans, would annually adjust the fees with inflation. The legislation now goes on to the Republican-controlled Senate.
The Federal Reserve is hitting the pause button on interest rates, thanks in part, to the latest inflation numbers from May. Jessica Kartalija reports. READ MORE: https://cbsloc.al/3qGC22S
The last few years inflation has forced many backyard chefs to cut back or spend more on their holiday menus.
Dan Snyder reports.
President Joe Biden and his administration have been searching for ways he might act unilaterally to avoid an economic "calamity" if Congress can't reach agreement to allow more federal borrowing.
President Biden is hoping to stack the Central Bank with its top governors as it continues working to stem inflation.
Coffee chain says the charge is necessary because the cold juice drinks are more expensive to make when not diluted.
Prices rose at the slowest rate in two years amid the Federal Reserve's ongoing series of interest rate hikes.
Grocery costs are rising at a slower pace, with some food items actually dipping.
As the spring homebuying season approaches, affordability is at its lowest point in history, one economist said.
The emergency funds added to the Supplemental Nutrition Assistance Program are coming to an end Wednesday.
Wakisha Bailey reports.
CBS News correspondent Michael George reports from New York.
Inflation, reduced consumer spending and mounting competition has dented the retailer's growth.
Egg costs are soaring as Americans' eating habits change and as a deadly disease wipes out millions of birds.
For instance, a $25 bottle of wine will now cost you $26.
As some inflation-hiked items costs have started to fall, eggs are one item where prices have remained high.
Marcella Baietto reports.
Prices are higher than they were last year, but fell 0.1% between November and December.
Higher prices are also making up for the fact that people are generally buying less beer, insiders say.
Rates are at their highest level in 15 years as policymakers try to tamp down inflation without torpedoing the economy.
A massive 2-alarm fire has destroyed a home and shut down a portion of Roosevelt Boulevard in North Philadelphia.
On Monday, cooler and more seasonable air arrives with highs in the upper 70s to near 80 degrees in the Philadelphia region.
Restaurants in Philadelphia are preparing to welcome visitors from around the world with the FIFA World Cup starting this week.
Sean Mannion is still months away from calling plays in an NFL game for the first time, but Jordan Mailata had high praise for the Eagles' new offensive coordinator.
A man was shot multiple times and killed Sunday in Northeast Philadelphia's Tacony neighborhood, police said.
William Schmidt, a student at Penn State, was shot and killed near his home in South Philadelphia over the weekend.
A massive 2-alarm fire has destroyed a home and shut down a portion of Roosevelt Boulevard in North Philadelphia.
The Pride March and Festival in Philadelphia brought thousands of people together to celebrate.
On Monday, cooler and more seasonable air arrives with highs in the upper 70s to near 80 degrees in the Philadelphia region.
Restaurants in Philadelphia are preparing to welcome visitors from around the world with the FIFA World Cup starting this week.
A massive 2-alarm fire has destroyed a home and shut down a portion of Roosevelt Boulevard in North Philadelphia.
Restaurants in Philadelphia are preparing to welcome visitors from around the world with the FIFA World Cup starting this week.
A man was shot multiple times and killed Sunday in Northeast Philadelphia's Tacony neighborhood, police said.
The Pride March and Festival in Philadelphia brought thousands of people together to celebrate.
Brandon Marsh homered for the third straight day and drove in two runs as the Phillies beat the White Sox in South Philly.
Four former employees of the now-shuttered Gillian's Wonderland Pier are working to preserve the nostalgia that once lined the Ocean City boardwalk.
From newsroom to taproom, the new lager is launching just in time for America's 250th anniversary.
The NTSB released a preliminary report Thursday on the school bus crash in Gibbstown that left a child dead in May.
A 25-year-old man has been arrested after he doused his workplace in gasoline in a series of arsons in South Jersey Thursday, officials said.
After a controversial paid parking ordinance was recently repealed and rescinded, Diamond Beach residents are taking a stand again.
A star high school lacrosse player in Delaware is back on the field after a mysterious condition in his jaw turned out to be something much more serious.
Delaware State troopers found the young girl dead in her bedroom after her father allegedly hit her multiple times with a belt.
This weekend's rare blue moon may be visible in the Philadelphia area this Saturday and Sunday.
Now that the 2026 U.S. Men's National Team soccer roster is out, here's a look at the Philly ties across the lineup.
Families turned to indoor activities such as shopping, visiting museums and bowling on Monday in the Philadelphia area.
Dr. Peter Stafford was working with a missionary group in the Congo when he came down with the virus last month.
A star high school lacrosse player in Delaware is back on the field after a mysterious condition in his jaw turned out to be something much more serious.
Researchers at Penn Medicine say the revolutionary cancer treatment CAR-T therapy may also help patients with kidney failure.
Preliminary research out of Penn Medicine indicates that GLP-1 drugs could prevent breast cancer, but more study is needed.
ChristianaCare Hospital, Aston — Delaware County's first micro-hospital — is expected to treat 15,000 patients annually.
The Pennsylvania Liquor Control Board says it will begin approving the extended-hours permits for Philadelphia businesses within the next week.
Two top-rated and critically acclaimed restaurants in the Philadelphia area are receiving a new honor.
Sportswear brand Mitchell & Ness is opening a new three-story flagship store in Center City Philadelphia.
Caesars Entertainment is being acquired for almost $6 billion by Fertitta, the company that owns Las Vegas' Golden Nugget and chains like Rainforest Cafe and Morton's.
Pennsylvania and Philadelphia officials announced an investment that could impact the city's sports teams located in South Philly.
PennDOT is replacing a bridge built in 1950 that carries State Road across the Darby Creek, linking Upper Darby and Springfield townships.
SEPTA's South Broad Concourse links 15th/City Hall and Walnut-Locust stations and reopened after being closed for six years.
A police pursuit that started in Philadelphia's Kensington section ended with a car fire along I-95 Friday afternoon, sources said.
SEPTA's board voted to approve its annual service plan Thursday, including the transit authority's first-ever comprehensive bus redesign.
Pennsylvania and Philadelphia officials announced an investment that could impact the city's sports teams located in South Philly.
Restaurants in Philadelphia are preparing to welcome visitors from around the world with the FIFA World Cup starting this week.
Sean Mannion is still months away from calling plays in an NFL game for the first time, but Jordan Mailata had high praise for the Eagles' new offensive coordinator.
The Sixers are promoting Jameer Nelson to be the team's executive vice president of basketball operations under new president Mike Gansey, according to a league source.
Brandon Marsh homered for the third straight day and drove in two runs as the Phillies beat the White Sox in South Philly.
Jacob Gonzalez hit his first major league home run, Colson Montgomery also went deep and the Chicago White Sox defeated the Philadelphia Phillies 6-3.
"LUZIA" showcases Mexican culture under the Big Top at the Greater Philadelphia Expo Center in Oaks through June 7.
The American Music Awards celebrate fan favorites in the music world and feature performances from multiple artists.
Patti LaBelle said she's "having fun living it down" as the legendary singer marks her 82nd birthday.
Rob Base, the MC whose lyrics lit up the dancefloor classic "It Takes Two" and got countless people moving worldwide, passed away Friday.
Pop star Britney Spears said she was "totally fine" to drive and had not had a drink for about six hours when she was pulled over by the California Highway Patrol.
Ukee Washington reports.
Natasha Brown reports.
Natasha Brown reports.
Natasha Brown reports.
Ukee Washington reports.
Middle school students in Philadelphia got the opportunity to do hands-on learning during the school district's five-day career and technical camp.
With her Girl Talk mentoring program, one Philadelphia teen turned her camp days into a safe space to discuss social issues young girls face every day.
Recent high school graduate Sylvain Farrell says his temporary position at a local clinic is the pathway to a full-time career.
A Philadelphia student won an award from NFL Films for his documentary on bringing back sports teams at his Kensington school.
A group of East Norriton eighth graders took what started as an Earth Day project and made a whole initiative.
Andrew Kozak says it will be sunny and cooler in the Philadelphia region Monday. Here's the NEXT Weather forecast.
With the FIFA World Cup set to start Thursday, soccer fans across Philadelphia are already gathering to celebrate — and local restaurants are preparing to welcome visitors from around the world.
This year, the Philadelphia Pride March and Festival moved to Parkway from the Gayborhood and Old City.
Andrew Kozak has the latest NEXT Weather forecast on a clear and comfy Sunday night.
Sunday marks 100 days since the war with Iran began.