US inflation reaches highest level in four decades as consumer prices jump 7%
2 years, 11 months ago

US inflation reaches highest level in four decades as consumer prices jump 7%

Hindustan Times  

Inflation jumped at its fastest pace in nearly 40 years last month, a 7% spike from a year earlier that is increasing household expenses, eating into wage gains and heaping pressure on President Joe Biden and the Federal Reserve to address what has become the biggest threat to the U.S. economy. US President Joe Biden issued a statement arguing that the drop in gas prices in December and a smaller increase in food costs showed progress. The Labor Department reported Wednesday that a measure of inflation that excludes volatile food and gas prices jumped 5.5% in December, also the highest in decades. Price gains could slow further as snags in supply chains ease, but most economists say inflation won’t fall back to pre-pandemic levels anytime soon.

History of this topic

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