Inflation Speeds Up Again in January, Vaulting to Fresh 40-Year High

Underlying inflationary pressures also rose, pointing to inflation stuck in high gear for longer

People shop for frozen turkeys at a grocery store in Mount Prospect, Ill., on Nov. 17, 2021. Nam Y. Huh/AP Photo

Inflation in the United States picked up its pace once again, accelerating to an annual 7.5 percent in January, the highest rate in 40 years and above analysts’ expectations, according to data released by the Bureau of Labor Statistics (BLS).

January’s acceleration in the Consumer Price Index (CPI), which reflects inflation from the perspective of end consumers, marks the eighth straight month of prices rising faster than 5 percent year-over-year and a faster pace than December’s 7.0 percent pace.