WASHINGTON - A measure of U.S. inflation rose in January to its highest in more than a decade.
The Economic Cycle Research Institute's future inflation gauge jumped to 123.1, from 121.7 in December. The January reading, released Friday, was the highest since April 1989's 123.3. The base year, when the index's value was 100, is 1992.
The index tracks underlying pressures in the economy and is designed to forecast the inflation rate's direction, using such indicators as employment, housing, and price data. "There is no end in sight for the current inflation cycle upturn," the January report said.
It said the increase was led by higher real estate costs as well as rising wages and strong consumer demand for a manufactured goods.