The annual rate of US inflation climbed to 7% in December, marking a 39-year high
The US consumer price inflation index rose 7% over the past year before seasonal adjustments, the steepest climb in prices since June 1982, the Bureau of Labor Statistics reported Wednesday.It was also a faster rate of increase than November's 6.8%, and higher than economists had predicted.Stripping out food and energy costs, which tend to be more volatile even in non-pandemic times, inflation rose to 5.
For the month of December alone, prices rose 0.5%, adjusted for seasonal swings. It was slightly more than economists had forecast but a decrease from the 0.8% monthly increase in November.What got more expensive?Price trackers for housing as well as used cars and trucks were the biggest contributors to the December price hikes.Food costs also went up -- rising 0.5% -- but at a slightly slower pace than in recent months.
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