Inflation was 7.5% year-over-year in January the largest 12-month increase since February 1982, according to the Bureau of Labor Statistics Consumer Price Index.
Particularly hard hit year-over-year were gasoline and used cars and trucks at 40%. In the food category steep rises were seen in beef and veal at 16%, pork at 14% and eggs at 13%.
In services admission to sporting events increased 24% and checking account and bank services 14%.
The sharpest price decline was in smartphones, which were down 13%.
The Federal Reserve released a statement in the last week of January anticipating high inflation saying it expects to start raising interest rates soon, as well as ending its net asset purchases in early March.
Recent Comments