(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.
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