The Biden Effect: Inflation Hits 7.5% - Highest Annual Increase in 40 Years and Higher than Expected - Up Half a Point in One Month | The Gateway Pundit | by Jim Hoft
The annual inflation rate hit 7.5% in January.
www.thegatewaypundit.com
By Jim Hoft
Published February 10, 2022 at 8:10am
The annual inflation rate hit 7.5% in January. This is the highest increase in 40 years and much higher than expected.
The experts were expecting a 7.2% increase. They were wrong again.
CNBC reported:
Consumer prices in January surged more than expected over the past 12 months, indicating a worsening outlook for inflation and cementing the likelihood of substantial interest rate hikes this year.
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The consumer price index, which measures the costs of dozens of everyday consumer goods, rose 7.5% compared to a year ago, the Labor Department reported Thursday.
That compared to Dow Jones estimates of 7.2% for the closely watched inflation gauge. It was the highest reading since February 1982.
Stripping out volatile gas and grocery costs, the CPI increased 6%, compared to the estimate of 5.9%. Core inflation rose at its fastest level since August 1982.