Consumer prices rose 5.8% in December compared to one year earlier, according to the Commerce Department’s Personal Consumption Expenditures index.
ticked higher in December as supply chain disruptions, product shortages and a tight labor market continue to result in higher costs for Americans, the feds said Friday.
Consumer prices rose 5.8 percent in December compared to one year earlier, according to the Commerce Department’s Personal Consumption Expenditures index – the Federal Reserve’s preferred measure of inflation. The rate increased compared to November, when the PCE hit 5.7%. The core PCE, which does not include volatile food and energy prices, was up 4.9 percent year-over-year. The core figure rose from 4.7 percent in November.
The spike in inflation marked the highest rate of increase since 1982. Inflation has remained high for months compared to the Federal Reserve’s target level of 2 percent.Republicans have stepped up their criticism of the Biden administration’s economic policies, arguing President Biden’s push for more government spending has caused inflation to accelerate and hurt ordinary Americans.
Biden asserts that supply chain disruptions attributable to the COVID-9 pandemic, as well as corporate greed among top food and energy firms, are the key causes.
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