On a monthly basis, consumer prices rose by 0.6%.

Annual inflation in the United States in January of this year grew at the fastest pace in the last 40 years, increasing by 7.5% compared to the same period in 2021. On a monthly basis, consumer prices rose by 0.6%, according to data published on Thursday by the U.S. Department of Labor.

Experts interviewed by Bloomberg journalists expected that the annual inflation rate would be 7.3%. In December last year, the growth was 7%.

U.S. President Joe Biden, in a statement issued in connection with the publication of these data, noted that for him, the priorities in the economic sphere are job creation and price reduction. The American leader stressed that his administration had managed to achieve “success of a historic scale on the first priority.” Biden assured that the U.S. authorities are “using all available tools” in light of rising prices.

“Although today’s report indicates an increase in the indicator, forecasts still suggest that inflation will decrease significantly by the end of 2022,” Biden believes. He promised that his administration would make every effort to do this. “We will continue to rebuild our infrastructure and production so that we can produce more domestically and strengthen supply chains,” the U.S. president explained. He noted that the U.S. authorities also intend to promote increased competition in the American market.

In the United States, inflation exceeds the 5% mark for the eighth month in a row. According to analysts, such an increase in prices will lead to the fact that the Federal Reserve System of the country, which performs the functions of the central bank, will raise the base interest rate ahead of schedule.