Governemt announces US consumer prices in 2021 rose at the fastest pace in four decades
According to US government announcement on Wednesday, consumer prices in 2021 rose to a historic high, which was set only in June 1982, an inflation that troubled President Biden amid the economic recovery from the pandemic.
CPI jumped 7% in the 12 months to December. The spike was initially confined to items like used cars and energy.
However, it differs from what was showed in November, as the CPI (consumer price index) slowed to 0.5 percent, indicating the price surge may be nearing a peak.
According to the latest data, the inflation spread in December beyond those sectors and into consumer staples.
The house and rental prices rose 4.1 percent in the year, the food prices rose 3.5 percent from the month prior.
According to Inside Paper, used car prices jumped 37.3 percent in 2021, the report said, and in December prices accelerated again, rising 3.5 percent from the month prior. With volatile food and energy prices stripped out, “core” CPI was up 5.5 percent for 2021 — the highest since February 1991, the report said.