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By Evans Momodu
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Inflation surged unexpectedly in January, with consumer prices rising by 0.5% from December, marking the fastest increase since August 2023.
The annual inflation rate hit 3%, its highest level since June of last year, according to the Bureau of Labour Statistics.
Economists had expected little change, but inflation accelerated across the board, adding pressure on American consumers, businesses, and the Federal Reserve, which has been aiming to bring inflation down.
The spike has also heightened concerns over how President Donald Trump’s tariffs could further impact prices.
Markets reacted swiftly—the Dow fell 395 points at the open, the S&P 500 dropped 1%, and the Nasdaq declined 1.1%. Meanwhile, the 10-year Treasury yield surged to 4.6%, reflecting investor fears that higher interest rates may persist for longer than anticipated.
Source: CNN
