Highest amount since 1982.
The Labor Department released the Consumer Price Index (CPI) for December on Wednesday, reporting a 0.5% increase in pricing overall in the last month.
“The all items index rose 7.0 percent for the 12 months ending December, the largest 12-month increase since the period ending June 1982,” the Bureau of Labor Statistics reported. “The all items less food and energy index rose 5.5 percent, the largest 12-month change since the period ending February 1991. The energy index rose 29.3 percent over the last year, and the food index increased 6.3 percent.”
Economists hope that the issue will be resolved with the eventual restabilization of supply chains, which are being hampered by weather and COVID-19 restrictions.
As the Lord Leads, Pray with Us…
- For President Biden’s Administration as they consider solutions to alleviate inflation.
- That the officials of the Treasury Department would be discerning in their attempts to address inflation.
- For Secretary Walsh and the Labor Department as they provide resources to workers and businesses across the nation.
Sources: AP, The Hill
