Inflation rises 7.5% over the past year, even more than expected and the highest since 1982

Inflation rises 7.5% over the past year, even more than expected and the highest since 1982

Consumer prices in January surged more than expected over the past 12 months, indicating a worsening outlook for inflation and cementing the likelihood of substantial interest rate hikes this year.

The consumer price index, which measures the costs of dozens of everyday consumer goods, rose 7.5% compared to a year ago, the Labor Department reported Thursday.