The CPI (Consumer Price Index) hit 7 percent in December, according to the latest report. Putting it on track to be the hottest inflation reading since 1982.
As CNBC reports:
Inflation plowed ahead at its fastest 12-month pace in nearly 40 years during December, according to a closely watched gauge the Labor Department released Wednesday.
The consumer price index, a gauge that measures costs across dozens of items, increased 7%, according to the department’s Bureau of Labor Statistics. On a monthly basis, CPI increased 0.5%.Economists surveyed by Dow Jones had been expecting the measure to increase 7% on an annual basis and 0.4% from November.
The annual move was the fastest increase since June 1982.
Inflation has turned into a major crisis for President Joe Biden and his administration who seem to have found no way to dampen the monthly increases.