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U.S. Inflation Charges Higher With Larger-Than-Forecast Gain -Breaking

by Mike Robinson

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© Bloomberg. Inside a clothing shop for women in Des Moines’ East Village neighbourhood. Photographer: Kathryn Gamble/Bloomberg

(Bloomberg) — U.S. consumer prices jumped in January by more than expected, representing a bigger hit to Americans’ paychecks as inflation charges ahead at the fastest pace since 1982 and the Federal Reserve prepares to raise interest rates.

According to Labor Department data, the consumer price index rose from last year after a 7% increase in annual growth in December. Inflation, which is closely followed by many people, rose 0.6% from one month ago in January.

The core price, which excludes volatile energy and food components, increased by 0.6% and a full year respectively.

According to Bloomberg Survey medians, economists forecast a 7.3% increase year-over-year in CPI and a 0.4% gain over a month ago.

Follow the reaction in real time here on Bloomberg’s TOPLive blog

©2022 Bloomberg L.P.

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