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U.S. Inflation Charges Higher With Larger-Than-Forecast Gain

Economic Indicators Feb 10, 2022 08:36AM ET
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© Bloomberg. A shopper inside a women's clothing store in the East Village neighborhood of Des Moines, Iowa. Photographer: Kathryn Gamble/Bloomberg

(Bloomberg) -- U.S. consumer prices jumped in January by more than expected, representing a bigger hit to Americans’ paychecks as inflation charges ahead at the fastest pace since 1982 and the Federal Reserve prepares to raise interest rates.

The consumer price index climbed 7.5% from a year earlier following a 7% annual gain in December, according to Labor Department data released Thursday. The widely followed inflation gauge rose 0.6% in January from a month earlier.

Excluding the volatile food and energy components, so-called core prices increased 6% from a year ago, also the most since 1982, and 0.6% from a month earlier.

Economists projected a 7.3% year-over-year increase in the CPI and 0.4% gain from a month earlier, according to the Bloomberg survey medians.

Follow the reaction in real time here on Bloomberg’s TOPLive blog

©2022 Bloomberg L.P.

U.S. Inflation Charges Higher With Larger-Than-Forecast Gain
 

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Comments (24)
Critical Riff
Critical Riff Feb 11, 2022 12:22AM ET
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people who are bullish need the fed to have anything of value (assuming that there is any value)
Matt Kay
Matt Kay Feb 10, 2022 10:32AM ET
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aaaand BOOM stonks are almost flat. inflation doesn't matter, numbers do not matter. nothing matters thanks to billionaires and 1%
Al Ose
Al Ose Feb 10, 2022 9:32AM ET
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None of this matters for regular folks. Take our events ever since 1929. Market always goes up over time. This news isnt squat at all longer term or probably even next week.
ZS Beck
ZS Beck Feb 10, 2022 9:32AM ET
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Is anybody think the Fed or Government let the stock market crash? Taking down all 401K and retirement accounts for people Including their money retirement and investment money? The stock market always recovers and goes up.
Critical Riff
Critical Riff Feb 10, 2022 9:32AM ET
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Indeed. there are a few price gaps in Nasdaq in various places. Around 10.5k, between 5 to 6k... but yeah, buying only seems reasonable around those prices
Shukri Arshad
Shukri Arshad Feb 10, 2022 9:30AM ET
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So xau.usd should buy or sell
Aqib KhAn
Aqib KhAn Feb 10, 2022 9:30AM ET
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hello
Matt Kay
Matt Kay Feb 10, 2022 9:17AM ET
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Inflation shinflation... nobody cares. Stonks went up 2% for no reason yesterday. If we go down 2% today we will be back at Tuesday's levels. Inflation will keep going up and everyone will do pikachu shocked face like nobody could foresee this.
Peter ONeill
Peter ONeill Feb 10, 2022 9:17AM ET
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US Fed is about 6+ months behind the ball on it. Pumped the economy with $5 Trillion and left interest rates at 0 for 2 years. They were hoping (despite even basic high school level economic principal) that inflation wouldn't rise despite trillions in QE and cheap debt. Then they only wanted to blame global supply bottlenecks and none of their actions. Yet still, interest rates are 0% and they are still pumping $20 Billion in a month. It's like your house is on fire and the Fed pouring more oil on top as they want to see how hot can get it before even looking for a hose....
Kaushal Shah
Kaushal Shah Feb 10, 2022 9:14AM ET
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there will be immediate action of fed is required to rate hike min 5.50 basis point to counter inflation. let's c
Patrick Turner
Patrick Turner Feb 10, 2022 9:10AM ET
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Who voted for Biden here? Tell us how thst is working out?
Show previous replies (3)
Todd Holaday
JustWilliam Feb 10, 2022 9:10AM ET
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James Chen Sure. His playing along with the rest of the world on energy policy. His first week in office actions directly inpacted american production which in turn allowed opec+ to inflate oil. A huge contributer to inflation. He has not backtracked on this. The stance is still anti-us. Instead he pleads with OPEC, releases emergency reserves and now plays a dangerous game with Iran. All to try to solve a major inflationary factor he domirectly exacerbated.
Peter ONeill
Peter ONeill Feb 10, 2022 9:10AM ET
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Todd Holaday  Was it not Trump who begged OPEC to cut supply in the first place?
Ryu Matsui
Ryu Matsui Feb 10, 2022 9:10AM ET
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Yeah you did Patrick Turner by voting Trump.
Todd Holaday
JustWilliam Feb 10, 2022 9:10AM ET
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Peter ONeill I see, so its his fault. Lol.
Peter ONeill
Peter ONeill Feb 10, 2022 9:10AM ET
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Todd Holaday  No but Trump demanding OPEC closes down wells is one of the main reasons supply is still low. Once a well is capped it can take years to reopen. so you (lol) all you want
Tyrone Jackson
Tyrone Jackson Feb 10, 2022 9:07AM ET
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Meanwhile gas is up 75% under the Biden scheme. And rent is skyrocketing. Fake news - more like 25 % inflation yoy for the people. Great job Democrats.
Ryu Matsui
Ryu Matsui Feb 10, 2022 9:07AM ET
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More like Republicans as well.   You see you voted Trump last term and was destined to lose next one.   He was just there to make republicans look worse.   I blame you guys so much for letting the democrats win.
FOX MAN
Foxman Feb 10, 2022 9:04AM ET
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Inflation is out of control thanks to the Fed’s reckless policy of money printing.....
George AlvarezCorrea
George AlvarezCorrea Feb 10, 2022 9:04AM ET
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Absent the federal financial help to individuals and businesses, the economy would have collapsed due to a severe contraction of aggregate demand for goods and services, millions of Americans would have suffered acute hunger and thousands of businesses would have gone bankrupt.
Carl Compton
Carl Compton Feb 10, 2022 9:04AM ET
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George AlvarezCorrea and the gross money grab by millionaires and billionaires who took a advantage of a poorly executed and purposefully vauge PPE loan. The rich stole more from the government during the pandemic than the government was able to give To those in need.
Peter ONeill
Peter ONeill Feb 10, 2022 9:04AM ET
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George AlvarezCorrea  Skyrocketing inflation and MASSIVE debt hangovers will do the same in the medium term. The Fed did too much and overheated the market - now the economy is waking up with a worse hangover and a huge bar tab to pay off. So if anything all the Fed has done is delayed the pain while all making millions in personal wealth the process by pumping up the stock market.... (what is it now 3 or 4 Fed Reserve Board members having to 'retire early' as sold or bought shares just before Fed QE decisions were announced??)
Todd Holaday
JustWilliam Feb 10, 2022 9:04AM ET
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George AlvarezCorrea Perhaps, but it was too much for too long. Its still going on in February! QE hasnt yet completely ended.
George AlvarezCorrea
George AlvarezCorrea Feb 10, 2022 9:04AM ET
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Carl Compton With real interest rates at the zero lower bound, it was inevitable that the stoc k market would rise spectacularly and benefit all those who hold stocks, mainly the rich and pension funds. Much of that rise was fueled by corporations issuing cheap debt to purchase back their stock and investors of all kinds incurring margin debt to purchase stocks.
 
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