US: Inflation rises to highest level since 1982
#1
Consumer prices climbed 7 percent for the year ending in December, an increase the Labor Department said on Wednesday is the highest since 1982.

The department's consumer price index (CPI), which measures inflation for consumer goods and services, increased 0.5 percent in December alone.

Officials labeled price increases for shelter, used cars and trucks as the “largest contributors to the seasonally adjusted all items increase.” Higher prices for food were also marked in the latest report as a notable contributor to inflation, though its 0.5 percent increase last month was less than in recent months.

Prices for household furnishings and operations, apparel, new vehicles and medical care also rose in December, while motor vehicle insurance and recreation prices declined, just as the month before.

Energy prices dropped 0.4 percent in December after a series of increases. Gasoline and natural gas prices also decreased.

However, prices for all items minus food and energy rose 0.6 percent last month, weeks after a 0.5 percent increase in November. The Labor Department said that December marked the sixth time those prices have risen by at least 0.5 percent in the past 9 months.

The new inflation report adds to a list of challenges President Biden faces as his administration has sought to tout strong strides the economy has made amid the nation’s ongoing recovery during the pandemic in the face of rising prices.

Wednesday's report is the latest since one in November that showed that annual inflation had reached a 30-year high.



https://thehill.com/policy/finance/58933...since-1982
Reply


Possibly Related Threads…
Thread Author Replies Views Last Post
  US delivered 236 artillery systems to Ukraine since February 2022 Resurgence 0 6,449 Nov 21, 2022, 15:11 pm
Last Post: Resurgence
  Inflation in Italy highest since 1984 Resurgence 0 5,671 Nov 17, 2022, 13:32 pm
Last Post: Resurgence
  UK inflation hits 41-year high of 11.1% as food and energy prices continue to soar Resurgence 0 5,483 Nov 16, 2022, 14:07 pm
Last Post: Resurgence
  Ukrainian shellings kill 121, injure 353 in LPR since February Resurgence 0 5,251 Nov 10, 2022, 14:05 pm
Last Post: Resurgence
  Recession fears raised as Eurozone inflation hits record of 8.6% Resurgence 0 6,996 Jul 03, 2022, 01:13 am
Last Post: Resurgence



Users browsing this thread: 1 Guest(s)