U.S. consumer prices climbed more than expected in January as inflation hit highs not seen since 1982. The Consumer Price Index (CPI) was up 7.5% year-over-year in January, versus up a 7.0% year-over-year gain in December. Core CPI (CPI less food and energy) was up 6.0% year-over-year in January, versus up 5.5% in December.
Fed policymakers have recently pivoted toward a more hawkish stance as inflation indices continue to run hot and the labor market appears relatively tight, given their dual mandate of promoting maximum employment and stable prices.
U.S. consumer prices climbed more than expected in January as inflation hit highs not seen since 1982. The Consumer Price Index (CPI) was up 7.5% year-over-year in January, versus up a 7.0% year-over-year gain in December. Core CPI (CPI less food and energy) was up 6.0% year-over-year in January, versus up 5.5% in December.
