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.