(BLS) US inflation rose by 7.5% over the last 12 months to the end of January, above December’s rate of 7% and forecasted 7.2%. The rate was the highest since February 1982.
On a month-over-month basis, consumer prices rose by 0.6% in January, above estimates of 0.4%.
Food, electricity, and shelter contributed to the largest gains in consumer prices. Both food and energy indexes rose by 0.9%.
Less food and energy, the consumer prices increased by 0.6 in January, the same as December, marking the seventh time in ten months it has risen by at least 0.5%.
In the last 12 months, the consumer prices rose by 6.0% less food and energy, the highest gain since the year ending August 1982. The energy index increased by 27.0% during the period, while the food index ticked higher by 7.0%.
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