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Inflation hits 4-decade high, consumer prices soar 7 percent

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Inflation hit a four-decade high in December, forcing Americans to pay higher prices for daily necessities such as food and gas, the federal federations said Wednesday.

According to data released by the Bureau of Labor Statistics, the consumer price index will track sales of used goods, food and rents, including goods and services, which are key indicators of inflation, in December. 0.5 percent and 7 percent over the same period last year. on Wednesday.

“The growth in the shelter and old car and truck indexes has been the biggest contributor to the growth of all seasonally adjusted facilities,” the BLS publication said.

The most recent increase was the highest annual growth since June 1982. Inflation has risen more than 6 percent for three consecutive months.

Inflation has risen in recent months as the reopening U.S. economy struggles to meet growing demand during the COVID-19 pandemic. Supply chain problems, shortages of basic products, and a tight labor market contributed to high costs for consumers.

Federal Reserve Chairman Jerome Powell said inflation was a “serious threat” to the economy.

The highly contagious Omicron variant is leading to a record increase in COVID-19 infections, which could further strengthen the economic barrier in the coming weeks.

Rising costs for goods and services have effectively wiped out wage earnings, despite favorable employment conditions for American workers. In November, employers announced 10.6 million jobs, and the unemployment rate now stands at 3.9 percent, close to what the Federal Reserve considers full employment.

The latest data puts additional pressure on President Biden, who has faced criticism from Fed officials and inflation. The central bank is expected to raise interest rates at least three times this year.

A downtown Los Angeles gas station is advertising more than $ 6 a gallon of gasoline on Dec. 10, 2021.
A gas station in downtown Los Angeles is advertising a Dec. 10, 2021, gallon of gasoline for more than $ 6.

Fed Chairman Jerome Powell, who wants to be confirmed for another four-year term, told Senate lawmakers that inflation is a “serious threat” to the economy.

Powell said supply chain problems were resolved less quickly than expected when the Fed called inflation “transient.” In addition to raising interest rates, the Fed is waiting for the second part of its bonds.

“If we see that inflation continues to be longer than expected, we will do so if we need to raise interest rates more over time,” Powell added. “We will use our tools to reverse inflation.”

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Inflation concerns have jeopardized President Biden’s bill on social spending.

Powell said he expects inflationary pressures to continue next year.

At the same time, Biden has called for more corporations in the meat and energy industries in recent months, and corporate greed has helped drive costs for Americans.

In a speech last week, Biden refrained from criticizing Republicans for his approach, calling the proposal that he did not focus on inflation “disturbing.”

The man is shopping at a grocery store in New York, USA, Dec. 7, 2021.
Jerome Powell expects inflationary pressures to continue next year.

Inflation concerns have jeopardized Biden’s Social Expenditure Bill, with Republicans and some Democrats warning that more government spending will only hurt the economy.

The latest data from the Consumer Price Index met expectations. According to the Dow Jones, economists had expected inflation to rise to 0.4 percent in December and 7 percent from a year earlier.

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