The Biden economy continues to go above and beyond the expectations of economists, hitting milestones for inflation no one has seen in decades.

The consumer price index rose to an annual rate of 7.5%, the U.S. Bureau of Labor Statistics reported Thursday, the highest inflation rate reported in 40 years.

The agency said rising prices for food, electricity, and shelter were the largest contributors to a 0.6% seasonally adjusted increase in all prices in January. Food prices rose 0.9% last month, following a 0.5% increase in December. Energy prices also rose 0.9%, though the increase in electricity prices was partially offset by declines in gasoline and natural gas prices.