U.S. inflation climbs at fastest rate in 40 years

Meat market
(Image credit: STEFANI REYNOLDS/AFP via Getty Images)

Prices in the U.S. are soaring at the fastest rate in decades.

The Bureau of Labor Statistics said Thursday the consumer price index increased 7.5 percent over the last 12 months, the fastest pace in 40 years, The Washington Post reports. This was higher than the 7.2 percent rate economists expected, according to CNBC. The Labor Department report also showed that prices rose 0.6 percent in January.

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Brendan Morrow

Brendan worked as a culture writer at The Week from 2018 to 2023, covering the entertainment industry, including film reviews, television recaps, awards season, the box office, major movie franchises and Hollywood gossip. He has written about film and television for outlets including Bloody Disgusting, Showbiz Cheat Sheet, Heavy and The Celebrity Cafe.