U.S. inflation in January surged at fastest rate in 40 years
CBSN
The annual rate of U.S. inflation is rising at its fastest rate in 40 years as supply-chain disruptions and rising transportation costs show no sign of abating.
A key inflation gauge, the Consumer Price Index, rose 7.5% from a year ago, the Labor Department reported Thursday — the largest increase since May of 1982. Core inflation, which strips out volatile food and energy costs, was 6%. The CPI index rose 0.6% in January, the same pace it showed in December but a slowdown from the 0.9% monthly increase in October.
Food, energy and housing prices increased the fastest last month. The price of gasoline is up 40% year-over-year, with recent tensions in Eastern Europe driving costs even higher. Used cars and trucks are up 40.5%, food has climbed 7.4% and shelter has risen 4.4%.
President Trump ordered the release of 172 million barrels of oil from the United States' Strategic Petroleum Reserve on Wednesday, after oil prices rocketed to their highest levels in years amid the U.S.'s war with Iran.
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