US inflation hits highest level in 40 years in January as prices rise 7.5% from 2021
Inflation in the US climbed to its highest level in 40 years in January, with prices rising by 7.5% from a year ago, the Bureau of Labor Statistics reported on Thursday.
The rise in the consumer price index (CPI) survey – which measures the costs of a wide variety of goods – was the largest since February 1982. CPI rose 0.6% from December, higher than expected but still down significantly from last October when inflation rose 0.9% on a monthly basis.
Inflation in America has been driven higher by soaring demand and a lack of supply caused by Covid-19’s global impact on trade.
Price rises for food, electricity, and shelter were the largest contributors to the increase. The food index rose 0.9% in January following a 0.5% increase in December. The energy index also increased 0.9% over the month…