Peloton is replacing embattled CEO John Foley and cutting about 20% of its workforce to help reinvigorate the flailing fitness company. Peloton also announced it will lay off about 2,800 employees, including about 20% of its corporate positions. That was a move that Foley hinted at a few weeks ago. The company is also reducing the number of warehouses it owns and operates and expanding delivery agreements with third-party providers, that will help the company save $800 million in annual costs. The rise in the consumer price index (CPI) survey – which measures the costs of a wide variety of goods – was the largest since February 1982. CPI rose 0.6% from December, higher than expected but still down significantly from last October when inflation rose 0.9% on a monthly basis. Inflation in America has been driven higher by soaring demand and a lack of supply caused by Covid-19’s global impact on trade. Price rises for food, electricity, and shelter were the largest contributors to the increase. The food index rose 0.9% in January following a 0.5% increase in December. The energy index also increased 0.9% over the month. After stripping out food and fuel – whose prices are volatile – inflation still climbed 6% on an annual basis. A nationwide shortage of used cars also continued to drive the rise. Used cars prices were 40.5% higher in January compared to a year ago. Housing costs rose 4.4% from a year ago.
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