Inflation hits 40-year high

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.