December 2021 Consumer Price Index:

Inflation advanced at the fastest 12-month pace in nearly 40 years in December, according to a closely watched measure of the Labor Department released Wednesday.

The consumer price index, which measures the cost of dozens of goods, rose 7 percent, according to the Bureau of Labor Statistics. CPI rose 0.5% month-on-month.

Economists polled by Dow Jones had expected the measure to rise 7% annually, up 0.4% from November.

The annual increase was the fastest since June 1982.

Excluding food and energy prices, the so-called core CPI rose 5.5% year-on-year and 0.6% month-on-month. This compares to estimates of 5.4% and 0.5%.

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