Welcome to 10 Things Before the Opening Bell.
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1. Inflation surged again. The Consumer Price Index rose 7.5% in the year through January, according to the Bureau of Labor Statistics. That beat the median estimate of 7.3%, and marked the strongest reading since February 1982.
The index also rose 0.6% from December, which was also higher than predicted. This suggests the winter Omicron wave added to inflationary pressures. Economists anticipate price growth to cool in the coming months as demand wanes and supply chains recoup, but the numbers tell us with a high degree of certainty that prices will be elevated for some time.
Last week’s jobs report provided optimism for America’s economic recovery, as the country added far more jobs than anticipated. With cases on the decline, some expect January to be the worst month of 2022 in terms of economic fallout.
Some additional context:
2. Global shares are tumbling after US inflation data. January’s red-hot read on consumer price pressures has hit risk appetite. Take a look at what’s happening on the markets.
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