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February 14, 2022

Inflation Hits New High

Inflation is costing the average U.S. household an additional $276 a month, as prices continue to rise at the fastest rate in 40 years.

The Consumer Price Index went up by 0.6% last month, undermining the Biden administration’s assertion that inflation would fade with time.

January’s increase means consumer prices have risen 7.5% over the last year, the highest since February 1982.

Some of the steepest price increases were in the volatile energy sector, with a 9.5% rise in the price of fuel oil and 4.2% in electricity costs.

But there were increases across the board. Prices rose for apparel (1.1%), car insurance (0.9%), and restaurant meals (0.7%). Rents also rose — 0.5% for rental properties and 0.4% for the equivalent rent of homes people own.

Prices for used cars and trucks remained a large contributor to the inflation increase. They were up 40% in January, compared to the prior year.

Wages are not keeping pace with inflation. Average hourly earnings jumped 5.7% from January 2021-to 2022, while consumer prices rose 7.5% in that same period.


Source:

Inflation hits fresh 40-year high

One comment on “Inflation Hits New High

  1. Don says:

    INFLATION
    WHY? The Big Business were Warned They were going to get Taxes
    raised on Income & Everything. This gave them a warning so they could create
    shortages and raise Prices, Cut the size of products, (Bacon Use to Be 1 lb. Pkg now 12oz. At Higher price) not have
    The Product, and Who do you think is Now Paying for Their Raised Taxes.
    The Little Guy at the Gas Pump, Grocery Store Check out lane,
    Electric Co, Gas Co, Utilities, Every Thing Has Went UP. And Our Government Does NOTHING.

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