Inflation surges 7.5% on an annual basis

  • The consumer price index for all items rose 0.6% in January, driving up annual inflation by 7.5%.
  • That marked the biggest gain since February 1982 and was even higher than the Wall Street estimate.
  • Core inflation rose 6%, which also was a notch above expectations.
  • Real earnings for workers increased just 0.1% on the month when accounting for inflation.
  • Weekly jobless claims declined to 223,000, below the 230,000 estimate.