Inflation rises 7.5% – highest since early 1980s

Inflation rises 7.5% over the past year, even more than expected and the highest since 1982
Summary: The consumer price index was expected to increase 7.2% from a year ago, according to a Dow Jones economist survey.

The consumer price index was expected to increase 7.2% from a year ago, according to a Dow Jones economist survey.

Consumer prices in January 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, 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.

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