JUST IN: US inflation climbed 7.5% in January, the highest annual increase in nearly 40 years.
A key measure of inflation climbed to a near-40-year high last month. The consumer price index rose 7.5% in the 12 months ending January, not adjusted for seasonal swings, the Bureau of Labor Statistics said Thursday. It was the steepest annual price increase since February 1982.
Stripping out food and energy prices, which tend to be more volatile, prices increased by 6% between January 2021 and January 2022, marking the largest increase since August 1982.In January alone, prices rose 0.6%, including seasonal adjustments, the same rate as in December. That served up some bad news for people who hoped the monthly data would indicate a slowdown of the price hikes.Prices increased across the board, including for housing, furniture, used cars and medical costs.
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