US consumer prices up 7.5% in January, highest since February 1982

ANKARA

Consumer prices in the US rose 7.5% year-on-year in January, marking the largest 12-month increase since February 1982, the US Department of Labor said on Thursday.

The consumer price index (CPI), which measures changes in the prices of goods and services from a consumer’s perspective, came above the market estimate of 7.3%, while it rose 7% in December.

In January, the CPI rose 0.6% from the previous month, exceeding the market consensus of a 0.5% monthly increase. The CPI increase in December was revised up to 0.6%, from 0.5%.

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.

On an annual basis, the indices for energy, gasoline, natural gas and electricity were up 27%, 40%, 23.9% and 10.7%, respectively.

Core consumer prices, which exclude food and energy, increased 0.6% in January from the previous month, following a 0.6% rise in December.

Core CPI jumped 6% year-on-year, marking the largest 12-month increase since the period ending August 1982, according to the Department of Labor.

Copyright 2022 Anadolu Agency. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.