U.S. inflation rose to 7.5% in January

U.S. inflation in January this year rose at its fastest pace in 40 years, rising 7.5 percent from the same period in 2021. In monthly terms, consumer prices rose 0.6%, according to data released Thursday by the U.S. Labor Department.

Experts polled by Bloomberg reporters had expected the rate of inflation to be 7.3%. Last December’s increase was 7 percent.

This is the eighth consecutive month of inflation in the U.S. above the 5 percent mark. According to analysts, such price increases will cause the country’s Federal Reserve, which serves as the country’s central bank, to raise its benchmark interest rate ahead of schedule.