BREAKING: Inflation Rises 7% In December Over Previous Year, Fastest Rise In Almost 40 Years

Gas Pump by Dawn McDonald is licensed under unsplash.com
On Wednesday, the Labor Department revealed data showing that in December, consumer prices rose by 7% over the previous year, the fastest increase in roughly 40 years. The Labor Department’s Bureau of Labor Statistics showed the consumer price index increased 7%, the fastest increase since 1982.

“The latest Consumer Price Index data, released Wednesday by the Bureau of Labor Statistics, marks the third consecutive month in which the index, a measure of what consumers pay for goods and services, rose by more than 6 percent,” NBC News reported.

“The number of price categories experiencing inflation of 3% or more in the past year has nearly doubled since December 2020. That share is the highest it has been since 1991,” The Wall Street Journal pointed out.

Speaking before the Senate Banking Committee on Tuesday, Federal Reserve Chairman Jerome Powell admitted,“We know that high inflation exacts a toll, particularly for those less able to meet the higher costs of essentials like food, housing and transportation,” Powell said.
 
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