Past 12 months saw 7 percent consumer price increase, largest since 1982

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).

Food prices rose 6.3 percent, and keeping a roof over your head got 4.1 percent more expensive.

The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE

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.

Sign up

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.