US inflation rose 7.5% during the 12-month period ending in January, according to government data released yesterday, the largest such increase since February 1982. The consumer price index, a proxy for inflation that tracks the price of a basket of goods and services (see 101), rose 0.6% in January, exceeding the 0.5% increase seen in December. Inflation has exceeded a 5% annual rate for the past eight months.
Higher inflation means consumers can buy fewer goods with each dollar they spend. The core index, which removes the sometimes-volatile food (up 7%) and energy (up 27%) components, rose 6% year-over-year—still the highest hike since August 1982. See data for the full basket of goods.
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