Economists report that current inflation rates have risen to levels not seen since 1982.
What Happened: The consumer price index rose 7% in December from a year ago, according to a new Labor Department report released Wednesday, marking the fastest increase since June 1982, when inflation hit 7.1%. The CPI – which measures a bevy of goods ranging from gasoline and health care to groceries and rents – jumped 0.5% in the one-month period from November.
Economists expected the index to show that prices surged 7% in December from the year-ago period and 0.4% from the previous month. (per Fox Business)
Context: Climbing inflation rates have been at the forefront of Americans’ concerns, especially over the holidays. As inflation rates have continued to skyrocket out of control coupled with supply chain issues and a prolonged pandemic President Biden has seen his approval ratings plummet.