The consumer price index for December 2021 was expected to increase 7% from a year ago, according to economists surveyed by Dow Jones.
Summary
- On a monthly basis, CPI rose 0.5%.
- Inflation plowed ahead at its fastest 12-month pace in nearly 40 years during December, according to a closely watched gauge the Labor Department released Wednesday.
- Excluding food and energy prices, so-called core CPI increased 5.5% year over year and 0.6% from the previous month.
- However, real average hourly earnings posted a small 0.1% increase for the month, as the 0.6% total gain outweighed the 0.5% CPI headline increase.
- Food prices broadly rose 0.5% for December and were up 6.3% on a 12-month basis, the biggest rise since October 2008.