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Inflation Reaches Highest Level Since 1982

Credit: Unsplash

A recent report from the Bureau of Labor Statistics revealed that consumer price inflation has surged to levels not seen since 1982. The report, based on data from the consumer price index, indicates a 7% increase in consumer prices between December 2020 and December 2021, reflecting the rising costs of essential goods and services.

Despite the concerning spike in inflation, economists and analysts expected this development given the economic fluctuations during the COVID-19 pandemic. Interestingly, the report led to a slight uptick in stock values as it aligned with existing predictions.

Commenting on the report, Brian Price from Commonwealth Financial Network stated, “The 7% increase in the December CPI over the past year may come as a shock to some investors, but many had anticipated this figure. This sentiment is evident in the bond market, where long-term interest rates have seen a decline.”

To address the inflationary trend, the Federal Reserve is expected to raise interest rates and implement other policy changes based on factors such as the state of the job market.

Expressing his views, Mike Loewengart from E-Trade mentioned, “The latest CPI data reinforces the ongoing strain on consumer finances, prompting a more assertive stance from the Fed. However, the uncertainty lies in whether the Fed will accelerate its actions given the persistent inflation, especially in the near future triggered by rising Covid cases, supply chain disruptions, and labor shortages that fuel price hikes.”

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