Cannot Afford a Steak? US Consumer Prices Hit a Record

Inflation hit a record in nearly 40 years, as pandemic-related supply chain was disrupted and the stimulus was released to the market from the U.S. Congress and the Federal Reserve. “High inflation is a severe threat to the achievement of maximum employment,“ Fed Chairman Powell said on the confirmation hearing on Tuesday. According to the report from the Labor Department, consumer-price index, a metric that measures what consumers pay for goods and services, jumped 7% in December from the same month a year ago, up from 6.8% in November. That was the fastest pace since 1982 and marked the third consecutive month in which inflation exceeded 6%.