US inflation reaches 7.5 % in January, highest since February 1982
The increased demand for used cars has been encouraged by the price increase in new automobiles as a result of the worldwide semiconductor-chip shortage, which has pushed up the costs for the former. Used cars and truck prices are up 40.5 %, following a 1.5 % gain last month, contributing to growing inflation
By Ishika Dangayach
Published - Feb 10, 2022, 03:17 PM ET
Last Updated - Feb 15, 2024, 07:51 AM EST
• CPI rises by 0.6 % monthly and 6 % on an annual basis, excluding food and energy
• Food prices accelerate 0.9 % in January and 7 % year on year
U.S inflation rise rapidly in January at its highest level in four-decade, as the economic recovery gathered traction and demand outpaced the supply of labor and commodities.
The consumer price index rose 0.6 % in January after rising 0.5 % in December, according to the Labor Department on Thursday.
