The consumer price index went up by 7.5 percent over the last year, the highest annual increase since February 1982.
Inflation increased at the fastest rate in 40 years over the last twelve months, outpacing projections, the U.S. Department of Labor announced Thursday.
The consumer price index (CPI) — a major measure of inflation covering a variety of consumer goods — surged 0.6 percent over the last month and 7.5 percent over the last twelve months ending in January. That represents the largest annual spike since February 1982, when inflation hit 7.62 percent.
Core CPI, which excludes volatile food and energy costs, also went up by 0.6 percent in January, following another 0.6 percent increase in December. This marks the seventh time in the ten months that it has increased at least 0.5 percent.
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