Inflation Surge Continues as U.S. , Hits 4-Decade High, of 6.1% in January.
In January 2022, a key inflation gauge closely monitored by the U.S. Federal Reserve jumped 6.1%.
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In January 2022, a key inflation gauge closely monitored by the U.S. Federal Reserve jumped 6.1%.
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ABC reports that the rise is the latest sign of sharp price increases in the U.S., and the Russian invasion of Ukraine is likely to worsen the situation.
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ABC reports that the rise is the latest sign of sharp price increases in the U.S., and the Russian invasion of Ukraine is likely to worsen the situation.
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On February 25, the U.S. Commerce Department reported the largest year-over-year increase to inflation since 1982.
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This represents an enormous burden for households in the U.S., particularly for lower-income families already facing increased costs for food, fuel and housing.
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ABC reports that inflation is expected to remain high, and even accelerate, as the Russian invasion of Ukraine is likely to disrupt oil and gas exports.
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ABC reports that inflation is expected to remain high, and even accelerate, as the Russian invasion of Ukraine is likely to disrupt oil and gas exports.
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The invasion reportedly increases pressure on the Federal Reserve to make up to five or six quarter-point interest hikes this year.
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According to the consumer price index released earlier in February, inflation was up 7.5% from a year earlier, which was also a four-decade high.
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According to the consumer price index released earlier in February, inflation was up 7.5% from a year earlier, which was also a four-decade high.
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In December, the Fed had projected that inflation would decline to 2.7% by the end of 2022.
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ABC reports that many economists now see that estimate as increasingly unlikely.
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The Fed is expected to release its updated projections for 2022 at its March meeting.
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The Fed is expected to release its updated projections for 2022 at its March meeting.
