Inflation in the United States has risen over the past year at a rate not seen in four decades, the Labor Department said on Wednesday — underscoring one of Americans’ chief economic concerns in the COVID-19 era.
The department said in its Consumer Prices Index that inflation was up 7% year-to-year in December. That’s the fastest one-year increase since 1982. Energy prices rose 29.3% and food prices were up 6.3% in the same period.
US #inflation rises to 7% in December, highest level in 39 years.
Gasoline: 49.6%
Beef: 18.6%
Pork: 15.1%
Chicken 10.4%
Fresh fish: 10.2%
Oranges: 9.9%
Furniture: 13.8%
Dresses: 8%
Jewelry: 8.8%
New cars: 12%
Used cars: 37.3%
Hotels: 27.6%
Car rental: 36%— Emel Akan (@mlakan) January 12, 2022
From November to December, inflation rose by a half-percent, the report said.
“Increases in the indexes for shelter and for used cars and trucks were the largest contributors,” the report states.
“The food index also contributed, although it increased less than in recent months, rising 0.5% in December. The energy index declined in December, ending a long series of increases; it fell 0.4% as the indexes for gasoline and natural gas both decreased.”
When excluding food and energy prices, inflation was up 5.5% for the 12 months ending in December — the quickest rate since 1991.
Prices for everything from clothing and new vehicles to medical care and furnishings also increased last month, the department said.
Wells Fargo senior analyst Sarah House told The Wall Street Journal the “blistering pace of inflation” is driven by scarcity in the economy combined with the willingness and capacity to pay more for goods, services and labor.
Federal Reserve Chairman Jerome Powell told Congress on Tuesday that supply chain issues should recede this year and help bring inflation down.
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All that seems to be going down is morale and buying power.
Let’s give a hearty round of applause (or is that appall) to Mr Build Back Better—PINO Joseph R Biden. WOO-HOO !!!!!
LET’S GO BRANDON
Planned inflation is just taxing the elderly on fixed incomes ,and the middle class whose wages beceome worth less. Politicians who cannot read an income or financial balance sheet always use the inflation tax to cover their ignorance and refusal to face financial reality. I’d say more American wealth has been surrepticiously socially redistributed by corrupt politicians in this manner than actual taxation, by politco fools too timid to be honest with the citizenry and aadmit they are spending more than is needed and covering their mistakes by printing money that is the real cause of inflation, besides closing energy pipelines and cutting the supply to drive up the costs for Russian and Middle East payoff to Joe, which is the next Biden Bernie advised failing Socialist Experiment on the road to Democrat party extinction.
So, are the supposed 81 million voters and msm who put him in still happy? Cus, the rest of us still aren’t? Remember those prosperous years under the mean tweeter?
BEEF has gone up MORE than 20%.. MORE LIKE 50% where i am..
Well the elitists in unholywood and the clowns supporters and handlers are extremely happy that inflation is out of control because America focuses on the problems made by this corrupt government and not what they are doing to do to us next.
Yep, Jimmy Carter can rest peacefully now that he is no longer the dumbest president in history.