The Biden Effect: Inflation Hits 7.5% – Highest Annual Increase in 40 Years and Higher than Expected – Up Half a Point in One Month

The annual inflation rate hit 7.5% in January. This is the highest increase in 40 years and much higher than expected.
The experts were expecting a 7.2% increase. They were wrong again.

CNBC reported:

Consumer prices in January surged more than expected over the past 12 months, indicating a worsening outlook for inflation and cementing the likelihood of substantial interest rate hikes this year.

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The consumer price index, which measures the costs of dozens of everyday consumer goods, rose 7.5% compared to a year ago, the Labor Department reported Thursday.

That compared to Dow Jones estimates of 7.2% for the closely watched inflation gauge. It was the highest reading since February 1982.

Stripping out volatile gas and grocery costs, the CPI increased 6%, compared to the estimate of 5.9%. Core inflation rose at its fastest level since August 1982.


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