Inflation hit a 40-year high of 7.5 percent, the Labor Department announced Thursday, a figure not seen since the Carter administration
* The average cost of consumer goods has risen for the sixth consecutive month, Labor Department revealed
* Energy costs, including fuel and used cars, rose an average 27 percent in January from the same time in 2021
* Prices at the pump are up by 40 percent while grocery costs are up 7.4 percent, guaranteeing a broad swath of Americans have felt the economic ramifications personally over the last month
* January's inflation numbers outpaced average wage growth for the same month, which was 5.7 percent
* West Virginia Democratic Sen. Joe Manchin said the devastating report was a sign Congress and the Biden administration need to 'proceed with caution before adding more fuel to an economy already on fire'
* Monthly rent costs saw their biggest increase from December to January in 20 years
* Household furnishings saw their largest price increase on record as costs jumped by 1.6% from Dec to Jan
The U.S. inflation rate hit a 40-year high in January, with prices rising 7.5 percent from last year, the Labor Department announced on Thursday.
It's the highest spike in consumer goods prices since February 1982, and a certain blow to President Joe Biden's standing with American voters less than a year before the crucial midterm elections.
Even members of his own party are distancing themselves from the economic disaster, with West Virginia Senator Joe Manchin taking a veiled swipe at the White House for seeming to 'think that spending trillions more of taxpayers’ money will cure our problems.'
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WNU Editor: This guarantees steep interest rate rises in the coming months.
Inflation Shock Numbers In The U.S.
Inflation surges 7.5% on an annual basis, even more than expected and highest since 1982 -- CNBC
US inflation jumped 7.5% in the past year, a 40-year high -- AP
America's annual price increase was worse than economists had forecast -- CNN
Inflation accelerates 7.5% in January, hitting a fresh 40-year high -- FOX News
Inflation costs the average US household $250 more a month, study says -- NYPost
Inflation hits fresh 40-year high -- Axios