Inflation rises 7.5% over the past year, even more than expected

The consumer price index was expected to increase 7.2% from a year ago, according to a Dow Jones economist survey.

Highlights

Consumer price index for January rose 7.5% compared with a year ago, the Labor Department says.
That compared with Dow Jones estimates of 7.2%.
Core inflation rose at its fastest level since August 1982.
Stock market futures declined following the report, with rate-sensitive tech stocks hit especially hard.
The chances of a 0.5 percentage point Fed rate hike in March rose to 44.3% following the data release, compared with 25% just before, according to CME data.
A separate report Thursday showed that weekly jobless claims totaled 223,000 for the week ended Feb.