Consumer prices jump 7.5% over last 12 months, marking fastest pace in 40 years

The latest government data on inflation was released Thursday.

The prices Americans pay for a basket of goods and services continued to climb rapidly last month, according to new government data.

The consumer price index -- a key measure of inflation -- surged 7.5% over the last 12 months, the Labor Department said Thursday. This marks the largest 12-month increase since February 1982. The index surged 0.6% in January alone.

The so-called core index, or measure for all items except the more volatile food and energy indices, spiked 6% over the last 12 months. It was the largest 12-month change since August 1982.

The food index, meanwhile, increased 7% over the last year and the energy index soared by 27%.