US Inflation Soared 7% In Past Year, the Most Since 1982

WASHINGTON (AP) – Prices paid by U.S. consumers jumped 7% in December from a year earlier, the highest inflation rate since 1982, and the latest evidence that rising costs for food, gas, rent and other necessities are heightening the financial pressures on America’s households.

Inflation has spiked during the recovery from the pandemic recession as Americans have ramped up spending on goods such as cars, furniture, and appliances.

Those increased purchases have clogged ports and warehouses and exacerbated supply shortages of semiconductors and other parts.

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