(Bloomberg) — Inflationary pressures in the U.S. continued to heat up at the start of the year, data are expected to show, likely putting a Federal Reserve interest-rate increase next month on autopilot.
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The consumer price index probably jumped 7.3% in January from a year ago, the largest annual advance since early 1982, according to the median projection in a Bloomberg survey of economists. Excluding volatile energy and food categories, the CPI is projected to have risen 5.9%.
The inflation data follow the government’s latest employment report, which showed newfound momentum in the labor market and faster wage growth that spurred bets that the Fed will be more aggressive in raising rates.
It’s a light week for Fed-speak, with only the Cleveland Fed’s Loretta Mester and Governor Michelle Bowman scheduled, both on Wednesday. Mester’s an FOMC voter this…
