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

Americans with more cash during the pandemic and supply chain problems related to the virus are major factors in rising consumer prices

By Just the News staff

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.