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.
Subscribe to 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.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Grayson Quay was the weekend editor at TheWeek.com. His writing has also been published in National Review, the Pittsburgh Post-Gazette, Modern Age, The American Conservative, The Spectator World, and other outlets. Grayson earned his M.A. from Georgetown University in 2019.
-
Geoff Capes obituary: shot-putter who became the World’s Strongest Man
In the Spotlight The 'mighty figure' was a two-time Commonwealth Champion and world-record holder
By The Week UK Published
-
Israel attacks Iran: a 'limited' retaliation
Talking Point Iran's humiliated leaders must decide how to respond to Netanyahu's measured strike
By The Week UK Published
-
Crossword: November 2, 2024
The Week's daily crossword puzzle
By The Week Staff Published
-
US economy still strong in final preelection report
Speed Read It grew at a solid 2.8% annual rate from July through September
By Peter Weber, The Week US Published
-
Boeing machinists reject deal, continue strike
Speed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
By Peter Weber, The Week US Published
-
Ports reopen after dockworkers halt strike
Speed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
By Peter Weber, The Week US Published
-
Fed cuts rates half a point, hinting victory on inflation
Speed Read This is the Fed's first cut in two years
By Peter Weber, The Week US Published
-
US inflation drops below 3%, teeing up rate cuts
Speed Read This solidifies expectations that the Federal Reserve will finally cut interest rates in September
By Peter Weber, The Week US Published
-
Would Trump's tariff proposals lift the US economy or break it?
Talking Points Economists say fees would raise prices for American families
By Joel Mathis, The Week US Published
-
US inflation cools further in welcome sign for economy
Speed Read Prices fell in June for the first time in four years
By Rafi Schwartz, The Week US Published
-
The big deal: Why are fast-food chains suddenly offering discounts?
Today's Big Question After inflation and price hikes, a need to bring customers back
By Joel Mathis, The Week US Published