Inflation in the U.S. increased 3% in January compared to the previous year, rising for the fourth straight month and presenting an economic challenge for the new administration in the White House.
The Consumer Price Index’s increase was higher than economists predicted, as grocery prices in January also ticked up 0.5% from the previous month and 1.9% year-over-year. The January CPI numbers mark the final report for former President Joe Biden’s time in office and the first days of the new Trump administration.
According to the U.S. Bureau of Labor Statistics (BLS) report released on Wednesday, “The index for meats, poultry, fish, and eggs rose 1.9 percent over the month, as the index for eggs increased 15.2 percent.” The massive increase in the cost of eggs is due to widespread bird flu, which resulted in a nationwide egg shortage. Along with raising prices, grocery stores…
