The U.S. annual inflation rate surged to its highest level since 1982 in January, new Bureau of Labor Statistics (BLS) data show. Last month, the consumer price index (CPI) climbed 7.5 percent, topping the market estimate of 7.3 percent. The core inflation rate, which eliminates the volatile energy and food sectors, advanced 6.6 percent, slightly higher than economists’ forecasts of 5.9 percent. On a monthly basis, inflation jumped at a higher-than-expected rate of 0.6 percent in January. The four-decade high inflation affected hourly and weekly earnings. The U.S. government reported Thursday that real average hourly earnings tumbled 1.7 percent year-over-year. The BLS also noted that real average hourly earnings merged with a drop in the average workweek led to a 3.1 percent decline in real average weekly earnings. So, what cost more and what cost less in January? Feasting on Higher Prices The food index increased 7 percent to kick …