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January 13, 2022

Inflation Hits Highest Level Since 1982

By T. Thompson In Latest News with Comments Off on Inflation Hits Highest Level Since 1982

The price for consumer goods and services in the U.S. at rates unseen in decades, having jumped 7% in December compared to the same month last year.

The department confirmed that the consumer price index (CPI) rose 0.5% since November and 7% compared to December 2020.

Officials said shelter and used cars and trucks were the “largest contributors to the seasonally adjusted all items increase.”

Food costs were also a factor, but the 0.5% increase was a smaller jump than in recent months. Household furnishings, apparel, new vehicles, and medical care also became more expensive last month.

The announcement from the Labor Department comes as a blow to the Biden administration, which previously deemed the rising prices as a “transitory” trend, spurred by pandemic-driven supply chain issues.


Source:

US inflation jumped 7% in December as prices rise at rates unseen in decades

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