US households hit by soaring inflation as wealthy 'continue to prosper'

7.5% CPI in January

In a further sign inflation is becoming an endemic issue, the US consumer price index hit 7.5% in January - its highest level since 1982.

Commentators have noted how the effects will be most felt in lower income households, while wealthy citizens continue to make gains off the back of the pandemic. The latest US inflation figures should make any remaining bond bulls "queasy", according to Seema Shah, chief global strategist at $980bn manager Principal Global Investors. "What's worse, is that this likely isn't the peak," said Shah. "Energy prices subtracted from January's CPI data, so their recent surge suggest even more upside ahead. "In addition, higher-than-expected monthly gains in core CPI indicate continued unde...