Inflation in the United States was as hot as ever last month, with consumer prices seeing their largest annual jump in nearly four decades as costs rose for a wide range of items.
The consumer price index (CPI) climbed 7.5 percent over the 12 months to January, its largest increase since February 1982, while it rose by 0.6 percent compared to December, more than analysts expected.
People reacted to the unprecedented high by trading memes and jokes on social media.
In a statement, US President Joe Biden acknowledged that inflation "is elevated" but "forecasters continue to project inflation easing substantially by the end of 2022."
"And fortunately, we saw positive real wage growth last month, and moderation in auto prices, which have made up about a quarter of headline inflation over the last year," he said.
An array of factors is seen as driving the price increases, from the Fed's easy money policies meant to support the economy during the pandemic to supply chain snarls, shortages of components and labor and robust demand from American consumers.
(With inputs from AFP)
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