The consumer price index in January jumped more than expected in 12 months. This brings an indication of an increasingly worrying inflation outlook and reinforces the possibility of a large interest rate hike this year.
The consumer price index, which measures the prices of dozens of daily consumer goods, was reported to have risen by 7.5% from a year ago, as reported by the Labor Department just now.
This inflation reading far surpasses the Dow Jones budget by 7.2% for January. This January reading is the highest reading since February 1982. Regardless of gas and grocery prices, the CPI reading increased by 6% from an estimated 5.9%.
The January monthly rate also grew faster than expected. Core CPIs both rose 0.6%, compared to estimates for a 0.4%increase. Core inflation rose at its fastest level since August 1982.
Overall energy costs increased 0.9% for the month and 27% for the year. Vehicle costs, which have been one of the biggest contributors to inflation since it began soaring higher in the spring of 2021, were unchanged for new models and rose 1.5% for used cars and trucks in January.
Separate data showed the Labor Department on Thursday reported that unemployment claims fell by 16,000 to a reading of 223,000 for the week ended Feb. 5.
The US dollar index, which measures the greenback against six major currencies, jumped 0.36% to a trading level of 95.835 after CPI data was released.
