The annual inflation rate in the United States rose by 0.5 percent in January — 6.4 percent annually — according to the Labor’ Department’s Consumer Price Index.
The report published Tuesday revealed that food prices rose by 0.5 percent last month; housing costs rose 0.7 percent, and core inflation reached 0.4 percent on a month-to-month basis — 5.6 percent annually.
Grocery prices rose by 11.3 percent over last year; energy prices rose by 8.7 percent and housing costs were up by 7.9 percent annually.
Federal Reserve Bank Governor Michelle Bowman told reporters on Monday that inflation “continues to be much too high,” adding that additional rate hikes are going to be needed to bring inflation down to a two percent target.
“While there are costs and risk to tightening monetary policy to lower inflation, I see the costs and risks of allowing inflation to persist as far greater,” she said.
