US consumer prices up 7.5% in January, highest since February 1982

By Ovunc Kutlu

ANKARA (AA) - Consumer prices in the US rose 7.5% year-on-year in January, marking the largest 12-month increase since February 1982, the US Department of Labor said on Thursday.

The consumer price index (CPI), which measures changes in the prices of goods and services from a consumer's perspective, came above the market estimate of 7.3%, while it rose 7% in December.

In January, the CPI rose 0.6% from the previous month, exceeding the market consensus of a 0.5% monthly increase. The CPI increase in December was revised up to 0.6%, from 0.5%.

The food index rose 0.9% in January, following a 0.5% increase in December. The energy index also increased 0.9% over the month.

On an annual basis, the indices for energy, gasoline, natural gas and electricity were up 27%, 40%, 23.9% and 10.7%, respectively.

Core consumer prices, which exclude food and energy, increased 0.6% in January from the previous month, following a 0.6% rise in December.

Core CPI jumped 6% year-on-year, marking the largest 12-month increase since the period ending August 1982, according to the Department of Labor.