U.S. inflation jumped 7.5% over the past year, the highest rate of increase in four decades, the Bureau of Labor Statistics said.
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.6% in January on a seasonally adjusted basis, BLS said Thursday.
Increases in the indexes for food, electricity and shelter were the largest contributors to the increase. The food index rose 0.9% in January following a 0.5% increase in December.
The energy index also increased 0.9% over the month, with an increase in the electricity index being “partially offset by declines in the gasoline index and the natural gas index,” BLS said.
The index for all items less food and energy rose 0.6% in January, the same increase as in December. It was the seventh time in the past 10 months it increased at least 0.5%.
The indexes for household furnishings and operations, used cars and trucks, medical care and apparel were among many indexes that increased over the month.
Near the end of 2021, wholesale prices were up 9.6% from the prior year, the largest increase since 12-month data were first calculated in 2010, BLS said.