Make No Mistake: Current Inflation Snapshot and Outlook are Really Intimidating
U.S. consumers have been facing the steepest price increase in almost four decades, paying more for everything from cars to gasoline to food as uncomfortably hot inflation erodes most workers' wage gains.
U.S. consumers have been facing the steepest price increase in almost four decades, paying more for everything from cars to gasoline to food as uncomfortably hot inflation erodes most workers' wage gains. Soaring inflation caught both the Biden administration and Federal Reserve policymakers off guard, forcing them to concede that higher prices are longer-lasting and more persistent than initially believed.
More precisely, according to a new Labor Department report released Wednesday, the consumer price index rose 7% in December from a year ago, marking it the fastest increase since June 1982, when inflation hit 7.1%. The CPI – which measures an array of goods and services – jumped quite a sensible 0.5% monthly from November.
Core consumer prices, excluding more volatile components of food and energy, soared 5.5% in December from the previous year – a sharp increase from November, when it rose 4.9%. It was the steepest 12-month increase since 1991.
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Throughout the Covid-19 pandemic, U.S. shoppers have encountered the effects of everything from supply chain disruptions to pandemic-related labor constraints which have led to more and more pronounced grocery store shortages.
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