Jerome Powell on Tuesday said the Fed is prepared to raise rates if needed.
January 12, 2022, 1:41 PM
• 2 min read
Share to FacebookShare to TwitterEmail this articleThe latest government data on inflation indicates consumer prices are continuing their rapid rise as pandemic-battered supply chains struggle to keep up with rebounding consumer demand.
The consumer price index -- a measure of the prices Americans pay for a market basket of everyday goods and services -- jumped 7% over the last 12 months, the Labor Department said Wednesday. This marks the largest one-year increase since the period ending in June 1982, the DOL noted.
The index climbed 0.5% in December, a slight reprieve from the 0.8% seen in November.
In this Dec. 10, 2021, file photo, a driver fills a tank at a gas station in Marysville, Wash.
The fresh data comes as economists and policymakers decide how to respond to inflation as it tightens its grip on the economy. Federal Reserve Chair Jerome Powell said Tuesdaythe Fed is prepared to raise interest rates faster than originally planned to respond to the climbing prices.
This is a developing story. Please check back for updates.
