Key inflation gauge hit 6.1% in January, highest since 1982
(Worthy News) – An inflation gauge that is closely monitored by the Federal Reserve jumped 6.1% in January compared with a year ago, the latest evidence that Americans are enduring sharp price increases that will likely worsen after Russia’s invasion of Ukraine.
The figure reported Friday by the Commerce Department was the largest year-over-year rise since 1982. Excluding volatile food and energy prices, core inflation increased 5.2% in January from a year earlier.
Robust consumer spending has combined with widespread product and worker shortages to create the highest inflation in four decades – a heavy burden for U.S. households, especially lower-income families faced with elevated costs for food, fuel and rent. [ Source: Washington Times (Read More…) ]
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