Consumer prices in the U.S. have risen 7 percent over the last 12 months, the biggest increase in 39 years, The Associated Press reports.
A Bureau of Labor Statistics report released Wednesday showed massive increases in the cost of gasoline (up 49.6 percent since Dec. 2020) and used cars and trucks (up 37.3 percent).
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
This spike in the BLS "all items index," the largest since 1982, comes as Americans grow increasingly concerned about inflation.
In an Associated Press-NORC Center for Public Affairs Research poll released Monday, the share of respondents who said government should make "personal finances/cost of living" a priority in the coming year doubled from 12 percent in 2020 to 24 percent in 2021.
During his Tuesday confirmation hearing, Federal Reserve Chair Jerome Powell took flak over the Fed's handling of inflation, which he initially dismissed as "transitory."
"If we have to raise interest rates more over time, we will. We will use our tools to get inflation back [under control]," Powell said.
The AP-NORC poll surveyed 1,089 adults from Dec. 2-7, 2021. Results have a margin of error of 4.1 percentage points.
-
Political cartoons for November 27Cartoons Thursday's political cartoons include giving thanks, speaking American, and more
-
We Did OK, Kid: Anthony Hopkins’ candid memoir is a ‘page-turner’The Week Recommends The 87-year-old recounts his journey from ‘hopeless’ student to Oscar-winning actor
-
The Mushroom Tapes: a compelling deep dive into the trial that gripped AustraliaThe Week Recommends Acclaimed authors team up for a ‘sensitive and insightful’ examination of what led a seemingly ordinary woman to poison four people
-
Fast food is no longer affordable for low-income AmericansThe explainer Cheap meals are getting farther out of reach
-
US mints final penny after 232-year runSpeed Read Production of the one-cent coin has ended
-
Why has America’s economy gone K-shaped?Today's Big Question The rich are doing well. Everybody else is scrimping.
-
From candy to costumes, inflation is spooking consumers on Halloween this yearIn the Spotlight Both candy and costumes have jumped significantly in price
-
Warner Bros. explores sale amid Paramount bidsSpeed Read The media giant, home to HBO and DC Studios, has received interest from multiple buying parties
-
Gold tops $4K per ounce, signaling financial uneaseSpeed Read Investors are worried about President Donald Trump’s trade war
-
Why are beef prices rising? And how is politics involved?Today's Big Question Drought, tariffs and consumer demand all play a role
-
Electronic Arts to go private in record $55B dealspeed read The video game giant is behind ‘The Sims’ and ‘Madden NFL’
