Yet another key measure of inflation ticked higher at the start of the year, rising at its fastest pace since 1982
The price index tracking consumer spending increased by 6.1% between January 2021 and January 2022, according to new data from the Commerce Department released Friday. That was the biggest annual increase since February 1982.Stripping out food and energy costs, which tend to be more volatile, prices rose 5.2% over the same period. It was the fastest advance since April 1983.For the month of January, prices rose 0.6%, or 0.
Fed Chairman Jerome Powell hinted in January that it would begin to raise interest rates to combat the high pandemic-era inflation. The first such rate increase is expected at the central bank's March meeting. Friday's report likely has not changed that trajectory.Read MoreFlat incomes but rising pricesFriday's data release show that January wasn't pleasant for Americans. While incomes didn't budge, prices -- and therefore spending -- rose.
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