Inflation Reaches Highest Level Since 1982 as Consumer Prices Jump 7% in 2021

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Another month, another record-setting leap in prices.

Inflation hit a fresh 39-year high in December as a drop in energy costs wasn’t enough to offset a steady march upward for staples such as food, rent and cars amid stubborn supply-chain bottlenecks and worker shortages.

The consumer price index jumped 7% last year, the fastest pace since 1982, the Labor Department said Wednesday. That's up from 6.8% annually in November, which was also a nearly four-decade high.

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