More disastrous inflation numbers were just released.
US inflation jumped 7% from a year ago.
This is the fastest pace in 40 years.
JUST IN – US inflation jumps to 7% in December from a year ago, the highest level since 1982.
— Disclose.tv (@disclosetv) January 12, 2022
Prices rose at the fastest pace in 40 years in December, increasing 7 percent over the same period a year ago, and cementing 2021 as a year marked by soaring inflation wrought by the ongoing coronavirus pandemic.
Indeed, 2021 went down as the worst year for inflation since 1981, as broken supply chains collided with high consumer demand for used cars and construction materials alike. Higher prices seeped into just about everything households and businesses buy, raising alarms for policymakers at the Federal Reserve and White House that inflation has spread throughout the economy. Prices were also up 0.5 percent in December compared to the month before.
There’s no telling when prices will fall to more sustainable levels, and officials within the Fed and Biden administration expect high inflation will persist through much of 2022. That reality is pushing the Fed to make its strongest move yet to combat inflation, moving up the timeline for what could be as many as three interest rate increases starting as soon as March.
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