US Inflation Hits 40-Year High

The US Consumer Price Index increased by 7 percent year-on-year in December, with price increases led by energy (29.3 percent YoY) and food (6.3 percent). In monthly terms, both food and prices in general were up by 0.5 percent month-on-month.

The result is roughly in-line with economist expectations, representing the United States’ steepest annual rate of inflation since 1982.

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