The high rate has slammed Americans in the pocketbooks as basic costs of living - such as food, electricity, gas, and shelter - have skyrocketed during 's presidency. Inflation hit a 40-year high in January, with prices rising 7.5% from last year. That number was driven by higher costs of food, electricity and shelter costs, the Bureau of Labor Statistics said on Thursday. Medical costs have also risen during the pandemic.The number was an unpleasant surprise for the , which continues to argue that inflation will naturally go down over the next year. It also presents a dilemma for the , which is weighing raising interest rates in March.
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