Inflation up 7.5% from year ago, highest year-over-year increase since February 1982

Inflation in January increased 7.5%, compared to the same month last year, the Labor Department announced Thursday.

The number exceeded economists' predictions that consumer prices in January had risen to 7.3%, compared to 12 months ago, according to information from data provider FactSet and obtained by the Associated Press. 

The increase was the highest increase since February 1982, which was 7.6%.

The so-called "annualized rate," or year-over-year rate in December 2021 was 7.1%

The sharp increase in inflation over roughly the past year is being attributed to U.S. consumers – helped by higher wages and billions of pandemic-relief money having been pumped int the economy – spending freely and ongoing supply chain issues, which has resulted in higher prices for goods.