BIDINFLATION: Highest consumer costs in 40 years

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  • Source: PM.
  • 01/12/2022
The consumer price index rose 0.5 percent in December, following hot on the heels of a 0.8 percent increase in November, the Labor Department revealed on Wednesday.

For the 12 month ending in December, the consumer price index rose 7 percent, marking the largest 12-month increase since the period ending in June 1982. This jump followed a 6.8 percent rise in November.

For items minus the more volatile food and energy categories, prices rose 5.5 percent in the 12-month period ending in December, the largest jump since the period ending in February 1991. The Labor Department said this increase came from a 4.1 percent increase in shelter, and a 37.3 percent increase in used vehicles.

"However, the increase is broad-based, with virtually all component indexes showing increases over the past 12 months," the Labor Department wrote.
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