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7.5%, that s inflation rate year over year. when you look at the month, 0.6%, that means how much prices rose from december to january. that is faster than many economists had expected. we thought these numbers were starting to month over month moderate, not the case last month. here s why. food, electricity, shelter, you saw a lot of things that were a lot more expensive in january than they were a year ago. among them, gas, up 40% year over year, moderation on that month to month, but i don t expect that to continue. used car prices up more than 40% year over year. think of that, if you re trying to buy a used car today, compared with last year, that s a huge change. food at home, 7.4%. meat, up 13.6%. and i ve been looking into the electricity and the shelter part of these numbers, also running hot, incredibly important because you can t switch your menu to fix those things, right? you can t switch your heat source necessarily.

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