Economic Buzz: US Consumer Prices Jump To 40-Year High

11 Feb 2022 , 08:25 AM

US consumer prices in January surged by 7.5 percent compared to the same month a year ago, reflecting the fastest annual growth since February of 1982. Inflation rate stayed at a 40-year high, suggesting upward pressure on consumer prices is unlikely to relent soon and putting more pressure on the Federal Reserve to act. The report showed core consumer prices, which exclude food and energy prices, also advanced by 0.6 percent in January, matching the increase seen in December. The annual rate of growth in core prices accelerated to 6.0 percent in January from 5.5 percent in December, showing the biggest jump since August of 1982. The January CPI is likely to heighten the central banks urgency to hike rates.

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