The jump in the consumer price index (CPI) survey — which measures the costs of various goods — was the largest on record since February 1982, with the costs of food, electricity, and housing amongst the biggest contributors to the hike.
In January this year, the food index for the US rose 0.9% following a 0.5% increase in December. The energy index was also up 0.9% over the month.
With gas, food, and housing prices still increasing across the United States, just 37% of Americans currently approve of President Joe Biden’s handling of the economy according to a poll by Associated Press-NORC Center for Public Affairs Research.
“What we have seen is inflation not get worse on a month-to-month level, and I am hopeful that will translate into a slow decline as we move through the spring and into summer,” said Federal Reserve Bank of Atlanta President Raphael Bostic. “[That] will give me some comfort that we are heading in the right direction.”