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Inflation Is Back: Biggest Increase In 4 Years

Inflation Is Back: Biggest Increase In 4 Years

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NEW YORK — Inflation is on the rise and driving the biggest price increases seen in four years.

Inflation rose .6 percent in January, the highest one-month increase since February 2013, according to the Bureau of Labor Statistics’ Consumer Price Index. Over the previous 12 months, prices were up 2.5 percent.

“Consumer prices have gained momentum in recent months,” Chris Christopher, an economist at IHS Global Insight, told CNBC. “This is not the best thing in the world for lower-income households living paycheck to paycheck.”

The price of gasoline has helped drive the increase. The gas index increased 7.8 percent in January and the overall energy index was up 4.0 percent.

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Among other highlights in the report:

  • Transportation prices rose by 2.2 percent.
  • Clothing prices rose by 1.4 percent.
  • Prices for nondurable consumer goods increased by 1.2 percent.
  • Prices for commodities (raw materials) increased by one percent.
  • Prices for all consumer goods increased by .6 percent.
  • Medical care prices increased by 3.2 percent.

The speed at which inflation is growing has more than doubled in the last year, rising from .3 percent to .7 percent, Market Mad House reported. Steen Jakobsen of Denmark’s Saxo Bank believes inflation could be much higher by the end of the year. He predicted that prices for Bitcoin, which many investors use to protect their assets from inflation, might increase by 165 percent by the end of 2017.

What is your reaction? Share your thoughts in the section below:

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7 comments

  1. Isn’t that the same thing that happened before the 2008 housing collapse? Didn’t people find prices really low and then bam it imploded?

  2. The true inflation rate is currently between 8 and 9 percent.
    Check Shadowstats.com.
    Their figures are based on the way things were figured in 1980; before the feds “fiddled” with the methods to lower the official rate so they didn’t have to pay out the real cost of living increase to those receiving Social Security or other government payouts.

  3. Why are no comments showing when the last time I looked there were two?

  4. I have definitely seen an increase in prices in food, clothes and durable goods in the last 12 months. Unfortunately, wages ae not keeping up. Once again, the consumers pay the price for decisions in Washington and the dollar is worth even less.

  5. I don’t know what it means. Can you help me?

  6. That’s really upsetting considering in some poorer, less fortunate countries one USD could buy a few weeks worth of groceries :(

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