Inflation rose 7% in 2021 the highest level in 39 years since 1982 when it was 7.1%.
Inflation was up 5.5% excluding food and energy.
This is a disaster.
🚨 BREAKING 🚨 Inflation just hit 7%—the highest rate since 1982.
This trend isn’t “transitory,” and it’s all happening under Democrats’ one-party control. pic.twitter.com/GfEhPQ67xy
— Kevin McCarthy (@GOPLeader) January 12, 2022
Goods inflation of 10.7%. Every single sub measure was above expectation. pic.twitter.com/7yNA2lZT4C
— Henry Lowell (@HenryLowell5) January 12, 2022
Inflation plowed ahead at its fastest 12-month pace in nearly 40 years during December, according to a closely watched gauge the Labor Department released Wednesday.
The consumer price index, a gauge that measures costs across dozens of items, increased 7%, according to the department’s Bureau of Labor Statistics. On a monthly basis, CPI increased 0.5%.
Economists surveyed by Dow Jones had been expecting the measure to increase 7% on an annual basis and 0.4% from November.
The annual move was the fastest increase since June 1982.
The last time inflation was 7%, the fed funds rate was 11.50%. pic.twitter.com/Vgn33mmDcW
— zerohedge (@zerohedge) January 12, 2022