Consumer prices surged 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 for January, which measures the costs of dozens of everyday consumer goods, rose 7.5% compared with a year ago, the Labor Department reported Thursday.
Stripping out gas and grocery costs, the core consumer price index increased 6%, compared with the Dow Jones estimate of 5.9%. Core inflation rose at its fastest level since August 1982.
Read the full article on CNBC.com.
