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Inflation in U.S. Registers Biggest Annual Gain Since 1982 -Breaking

by Mike Robinson

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© Bloomberg. San Francisco, California: Pedestrians carry shopping bags Photographer: David Paul Morris/Bloomberg

(Bloomberg). — The U.S. Consumer Price Index jumped by nearly 42% last year, which demonstrates the hot inflation. This sets up the Federal Reserve to begin interest rate hikes in March. 

According to data from Labor Department released Wednesday, the consumer price index rose 7% by 2021. This closely watched inflation indicator rose 0.5% over November and exceeded forecasts.

Follow the reaction in real time here on Bloomberg’s TOPLive blog

A Bloomberg survey of economists found that the median forecasts for 2019 predicted a 7% increase in annual growth and 0.4% more monthly measures. 

Core prices, which exclude volatile energy and food components, rose 0.6% and 5.5% respectively in the past month.

©2022 Bloomberg L.P.

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