Prices rose at a 7.5 percent annual rate last month, the fastest pace of inflation in 40 years, as food, shelter and electricity costs jumped.

Thursday, February 10, 2022 8:51 AM EST

Consumer Price Index data for January showed that prices have climbed 7.5 percent over the past year, more than the 7.2 percent projected in a Bloomberg survey. On a monthly basis, they picked up 0.6 percent. That is rapid by historical standards, and although it is slower than the fastest monthly increases in 2021, it too was above economists' expectations.

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