Inflation in the United States continued to surge in January, with the latest data showing higher-than-expected increases both year-on-year and month-on-month. The US Bureau of Labor Statistics reported on Friday that the Consumer Price Index (CPI) rose by 6.4 percent from January 2022, slightly higher than the estimated rate of 6.3 percent.

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Furthermore, the Core Inflation Rate, which excludes volatile food and energy prices, also rose above expectations, increasing by 5.6 percent YoY compared to the estimated 5.4 percent.

On a month-on-month basis, the CPI increased by 0.5 percent, surpassing the projected rate of 0.4 percent. The Core Inflation Rate also rose by 0.4 percent, exceeding the expected 0.3 percent increase.

This inflationary pressure has been attributed to a combination of factors, including supply chain disruptions, a surge in demand, and the ongoing effects of the pandemic.

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First Published:Feb 14, 2023 8:12 PM IST