The US Department of Labor announced the Consumer Price Index (CPI) data for January. Accordingly, the cost of living of American consumers increased by 0.6 percent last month compared to the previous month.
Annual inflation continued to rise, the largest since 1982, while it rose 7 percent year-on-year in December last year.
In the mentioned period, the increases in food, electricity, and housing indices were effective in driving the rise in consumer prices.
The food index rose 0.9 percent month on month in January, while it rose 7 percent year on year. In the same period, the energy index increased by 0.9 percent monthly and 27 percent annually.
The monthly increase in the electricity index under the energy item was 4.2 percent, and the annual increase reached 10.7 percent.
The housing index also rose 0.3 percent month on month and 4.4 percent year on year.
Core inflation is also above expectations
Core CPI, which does not include variable energy and food prices, increased by 0.6 percent in January, exceeding expectations. Core inflation surpassed expectations with an annual increase of 6 percent.
Within the mentioned period, market expectations for core inflation were 0.5 percent monthly and 5.9 percent annually. Core CPI increased by 0.6 percent monthly and 5.5 percent annually in December last year.