BREAKING: Inflation accelerates 7.5% in January, hitting a fresh 40-year high
Experts weigh in on rising concerns over inflation on 'Making Money.'
Inflation surged again in January, notching another four-decade high as strong consumer demand and pandemic-related supply-chain snarls fueled rapid price gains that wiped out the benefits of rising wages for most Americans. The consumer price index rose 7.5% in January from a year ago, according to a new Labor Department report released Thursday, marking the fastest increase since February 1982, when inflation hit 7.6%. The CPI – which measures a bevy of goods ranging from gasoline and health care to groceries and rents – jumped 0.6% in the one-month period from December.
Economists expected the index to show that prices surged 7.3% in January from the previous year and 0.5% on a monthly basis. So-called core prices, which exclude more volatile measurements of food and energy, climbed 6% in January from the previous year – a sharp increase from December, when it rose 5.5%. It was the steepest 12-month increase since August 1982.
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