Inflation climbs higher, worst numbers in 40 years

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By Casey Harper, The Center Square

(The Center Square) – Prices of a range of goods and services have grown at the fastest rate in four decades, newly released inflation data show.

The Bureau of Labor Statistics Thursday released its Consumer Price Index (CPI) data, a key marker of inflation. Those figures showed prices rose a significant 0.6% in January, yet another significant increase.

“The all items index rose 7.5 percent for the 12 months ending January, the largest 12-month increase since the period ending February 1982,” BLS said. “The all items less food and energy index rose 6.0 percent, the largest 12-month change since the period ending August 1982. The energy index rose 27.0 percent over the last year, and the food index increased 7.0 percent.”

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Two of Americans’ biggest needs, food and energy, saw some of the biggest price increases last month.

“Increases in the indexes for food, electricity, and shelter were the largest contributors to the seasonally adjusted all items increase,” BLS said. “The food index rose 0.9 percent in January following a 0.5 percent increase in December. The energy index also increased 0.9 percent over the month, with an increase in the electricity index being partially offset by declines in the gasoline index and the natural gas index.”

 

The Center Square is a 501(c)(3) non-profit focused on state- and local-level government and economic reporting.