Key Inflation Gauge Hit 6.1% In January, Highest Since 1982

Excluding volatile food and energy prices, core inflation increased 5.2% in January from a year earlier.

An inflation gauge that is closely monitored by the Federal Reserve jumped 6.1% in January compared with a year ago, the latest evidence that Americans are enduring sharp price increases that will likely worsen after Russia's invasion of Ukraine.

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The figure reported Friday by the Commerce Department was the largest year-over-year rise since 1982. Excluding volatile food and energy prices, core inflation increased 5.2% in January from a year earlier.