U.S. Inflation Climbs To 7.5%

by | Feb 10, 2022

2022 02 10 08 21

  • Rents rose 0.5% last month in another of a series of sharp increases since last summer. The cost of rent — the biggest expense for many households —has jumped almost 4% in the past year.
  • Food prices also increased again, up almost 1% in January. The cost of groceries have climbed 7.4% in the last 12 months — a 14-year high. Dairy and fruit showed the biggest increases last month.
  • Energy prices rose almost 1% last month due to a large spike in the cost of electricity. Cold weather also boosted demand.
  • Gas and natural gas prices fell slightly, but the respite for consumers probably won’t last long. The cost of fossil fuels have been trending higher.
  • The cost of used cars, furniture and medical care also rose in January.
  • And your health and car insurance are going up this year.

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About Steven Woskow

Steve Woskow is an entrepreneur and was President of Agtech Products, Inc., a research and development company specializing in animal agriculture. He has a Ph.D. in Nutrition and Food Science from Iowa State University. He is retired and lives with his family in Northern Nevada.

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