Washington | Inflation in the US is expected to have climbed to a fresh 40-year high of 7.2 per cent when data for January is released next week. The latest figures will open further the debate about whether price rises are here to stay or just a passing post-pandemic distortion.

While the Federal Reserve expects the inflation rate to fall back to 2.6 per cent this year, several economists and market participants say it will stay higher for longer.