![cbsn-fusion-inflation-rate-highest-in-40-years-thumbnail-893513-640x360.jpg](https://assets2.cbsnewsstatic.com/hub/i/r/2022/02/10/f061ed24-134a-406b-9923-a7114e726cb3/thumbnail/640x360/78b456665755e23ec9778a6bcfef3b40/cbsn-fusion-inflation-rate-highest-in-40-years-thumbnail-893513-640x360.jpg?v=d8f7565ef3e8b72561ee316b5993cbf9#)
Inflation hits highest level in 40 years
The Consumer Price Index climbed 0.6% in January, meaning the average cost of goods is up 7.5% since the same time last year. Meantime, first-time jobless claims fell for a third straight week. CBS News senior White House and political correspondent Ed O'Keefe has more on how the Biden administration is handling the latest economic news.