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.

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.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
The AP-NORC poll surveyed 1,089 adults from Dec. 2-7, 2021. Results have a margin of error of 4.1 percentage points.
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.
-
Is New York City mayoral candidate Zohran Mamdani’s plan for free buses realistic?
Talking Points A transit innovation or a costly mistake
-
5 side hustle ideas to supplement your budget
the explainer Almost two-thirds of Americans are looking to get a second job in the next year
-
DOJ indicts John Bolton over classified files
Speed Read Continuing the trend of going after his political enemies, Trump prosecutes his former national security adviser
-
Gold tops $4K per ounce, signaling financial unease
Speed 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 deal
speed read The video game giant is behind ‘The Sims’ and ‘Madden NFL’
-
Fed cuts interest rates a quarter point
Speed Read ‘The cut suggests a broader shift toward concern about cracks forming in the job market’
-
New York court tosses Trump's $500M fraud fine
Speed Read A divided appeals court threw out a hefty penalty against President Trump for fraudulently inflating his wealth
-
Trump said to seek government stake in Intel
Speed Read The president and Intel CEO Lip-Bu Tan reportedly discussed the proposal at a recent meeting
-
US to take 15% cut of AI chip sales to China
Speed Read Nvidia and AMD will pay the Trump administration 15% of their revenue from selling artificial intelligence chips to China
-
NFL gets ESPN stake in deal with Disney
Speed Read The deal gives the NFL a 10% stake in Disney's ESPN sports empire and gives ESPN ownership of NFL Network