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Inflation Widespread Across Industries, Spikes to 7.5 Percent
Consumer prices surged more than expected over the past year, with the consumer price index (CPI) for January rising 7.5 percent, the largest increase since February 1982. Consensus estimates forecasted an increase of 7.2 percent. Setting aside more volatile gas and grocery costs, the CPI increased 6 percent compared to the estimate of 5.9 percent, the fastest rise since August 1982. The monthly CPI rates for January also came in hotter than expected, with headline and core CPI both rising 0.6 percent compared with the estimates of a 0.4 percent increase for both.
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