The Bureau of Labor Statistics (BLS) just released its most recent Consumer Price Index (CPI) figures. Not good. The U.S. inflation rate has officially reached 7.5 percent for January 2022! According to Yahoo Finance, consensus estimates according to Bloomberg data was 7.3 percent. Big miss for the consensus.
From the BLS,
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.
This is reportedly the most rapid increase in inflation since 1982—all courtesy of the Federal Reserve and its printing presses. And it will likely get worse. So much for the “transitory inflation” mantra of the mainstream economists and financial pundits.