US inflation reaches highest level in 40 years

Driven by by housing, used cars and food

Elliot Gulliver-Needham
clock • 2 min read
The Federal Reserve
Image:

The Federal Reserve

US inflation climbed to 7% in December 2021, reaching the highest level since June 1982.

The rise was driven primarily by rising costs of housing, used cars and food, with energy falling slightly. This means that December was the eighth month that inflation year on year had been at 5% or...

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