US inflation might have hit a new 40-year high in January

By CHRISTOPHER RUGABER
AP Economics Writer

WASHINGTON (AP) — With American consumers spending freely and many supply chains still snarled, year-over-year inflation may have notched yet another four-decade high in January. The factors that have accelerated prices since last spring remain largely in place: Wages are rising at the fastest pace in at least 20 years. Ports and warehouses are overwhelmed, with hundreds of workers at the ports of Los Angeles and Long Beach, the nation’s busiest, out sick last month. Many products and parts remain in short supply as a result. And reports indicate that the expiration of stimulus checks and other government aid has yet to slow Americans’ appetite for shopping.