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40-year inflation high pushes gold to £1,525 ($2,002)

The very latest Consumer Price Index data confirms that inflation continues to be a runaway train, with figures issued by the U.S. Consumer Price Index (CPI) yesterday (Thursday) confirming it’s grown 7.9% in the last 12 month to mark a 40-year high.

While analysts had expected the figure to be thereabouts, the rate of core inflation was a surprise, hitting 6.4%. Explaining the figures, the CPI noted “The gasoline index rose 6.6 percent in February and accounted for almost a third of all the items monthly increase; other energy component indexes were mixed. The food index rose 1.0 percent as the food at home index rose 1.4 percent; both were the largest monthly increases since April 2020.”

Gold prices ticked up on the release of the data, trading around £1,525 ($2,002) with additional gains expected imminently. Buy now.

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