Year-over-year Inflation hits 7.5%, highest since February 1982

This morning, the U.S. Department of Labor reported that year-over-year inflation hit 7.5% for January. The last time we saw that was in February 1982.

Consumer prices surged more than expected over the past 12 months, indicating a worsening outlook for inflation and cementing the likelihood of substantial interest rate hikes this year.

The consumer price index for January, which measures the costs of dozens of everyday consumer goods, rose 7.5% compared to a year ago, the Labor Department reported Thursday.

That compared to Dow Jones estimates of 7.2% for the closely watched inflation gauge. It was the highest reading since February 1982.

According to the Bureau of Labor Statistics' report, "Increases in the indexes for food, electricity, and shelter were the largest contributors to the seasonally adjusted all items increase. The food index rose 0.9 percent in January following a 0.5-percent increase in December. The energy index also increased 0.9 percent over the month, with an increase in the electricity index being partially offset by declines in the gasoline index and the natural gas index."

In other words, all of the things that people use daily are going up in price the fastest. It didn't take Joe Manchin long to comment on the inflation fiasco:

Sen. Manchin has consistently talked about the dangers of inflation. Saying that he's been vindicated is understatement. Rick Santelli shows us the effects of inflation on the whiteboard:

To steal an Al Gore stump speech line from 1992, "Everything that's supposed to be up is down and everything that's supposed to be down is up." That's certainly true with inflation.

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