Key inflation gauge hit 6.1% in January, highest since 1982

WASHINGTON (AP) — An inflation gauge that is closely monitored by the Federal Reserve jumped 6.1% in January 2022 compared with a year ago, the latest evidence that Americans are enduring sharp price increases that will likely worsen after Russia’s invasion of Ukraine. It was the largest year-over-year rise since 1982. Robust consumer spending has combined with widespread product and worker shortages to create the highest inflation in four decades — a heavy burden for U.S. households, especially lower-income families faced with elevated costs for food, fuel and rent. At the same time, consumers as a whole largely shrugged off the higher prices last month and boosted their spending 2.1% from December 2021 to January 2022.