“Inflation pressures remained stubbornly high in January, keeping hopes for a peak in the upward pressure on prices on hold for now and setting the Federal Reserve up for an aggressive first interest rate increase in March.
The Bureau of Labor Statistics reported the consumer price index was up a stronger-than-predicted 0.6% in January from December and rose an above-expectations 7.5% from 12 months ago. Thanks to big year-over-year increases in energy, used cars and food, the CPI posted its largest 12-month increase in 40-years.”
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