• Home
  • About
  • Contact us
  • Submit a News Releases
Tech News, Magazine & Review WordPress Theme 2017
  • Computing
  • Entertainment
  • Gaming
  • Mobile
  • Science
  • Security
  • Services
  • Software
  • Space
No Result
View All Result
  • Computing
  • Entertainment
  • Gaming
  • Mobile
  • Science
  • Security
  • Services
  • Software
  • Space
Technovanguard — Be at the forefront of technology news
No Result
View All Result

U.S. inflation surges 7% in December, highest rate in 40 years

Justin Rowell by Justin Rowell
13.01.2022
Home Computing

U.S. inflation rose at the fastest pace in nearly four decades in December, at a level not seen since since June 1982, before President Ronald Reagan’s policies brought crippling late 1970s /early 1980s stagflation under control. Rapid price gains have fueled American consumer fears about the economy.

Inflation

Megan Henney for FOXBusiness:

The consumer price index rose 7% in December from a year ago, according to a new Labor Department report released Wednesday, marking the fastest increase since June 1982, when inflation hit 7.1%. The CPI – which measures a bevy of goods ranging from gasoline and health care to groceries and rents – jumped 0.5% in the one-month period from November.

So-called core prices, which exclude more volatile measurements of food and energy, soared 5.5% in December from the previous year – a sharp increase from November, when it rose 4.9%. It was the steepest 12-month increase since 1991.

Price increases were widespread: Although energy prices fell 1.1% in December from the previous month, they’re still up 29.3% from last year. Gasoline, on average, costs 49.6% than it did last year. Food prices have also climbed 6.3% higher over the year, while used car and truck prices – a major component of the inflation increase – are up 37.3%. Shelter costs, which make up nearly one-third of the total increase, jumped 0.4% for the month and 4.1% year-over-year, the fastest pace since February 2007.

Rising inflation is eating away at strong gains and wages and salaries that American workers have seen in recent months: Real average hourly earnings rose just 0.1% in December, as the 0.5% inflation increase eroded the 0.6% total wage gain, according to the Labor Department. On an annual basis, real earnings actually declined 2.4%.

Technovanguard Take: A healthy U.S. economy, consumer confidence, and consumer spending are essential to Apple, as America is Apple’s largest market, by far.

‘Tis best to get a handle on inflation, if you know how, while you still can. – Technovanguard, May 11, 2021

Inflation is repudiation. — Calvin Coolidge

When a business or an individual spends more than it makes, it goes bankrupt. When government does it, it sends you the bill. And when government does it for 40 years, the bill comes in two ways: higher taxes and inflation. Make no mistake about it, inflation is a tax and not by accident. — Ronald Reagan

Please help support Technovanguard. Click or tap here to support our independent tech blog. Thank you!

[Thanks to Technovanguard Readers too numerous to mention individually for the heads up.]

The post U.S. inflation surges 7% in December, highest rate in 40 years appeared first on Technovanguard.


Next Post
A digital museum for lockpicking minigames is coming to Steam

A digital museum for lockpicking minigames is coming to Steam

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended.

iPhone 14 Pro said to get massively upgraded 48-megapixel camera

iPhone 14 Pro said to get massively upgraded 48-megapixel camera

13.01.2022
The Search for Life Around Alpha Centauri Just Took a Major Leap Forward

The Search for Life Around Alpha Centauri Just Took a Major Leap Forward

15.12.2021

Trending.

LANL Publishes Guide to Quantum Computer Programming

LANL Publishes Guide to Quantum Computer Programming

15.06.2022
A Global Ocean Biogeochemical Observatory Becomes a Reality

A Global Ocean Biogeochemical Observatory Becomes a Reality

21.03.2022
ROCK5 Model B : une carte de dev sous RK3588

ROCK5 Model B : une carte de dev sous RK3588

13.01.2022
Pokemon Brilliant Diamond and Shining Pearl: All version-exclusive Pokemon and differences

Pokemon Brilliant Diamond and Shining Pearl: All version-exclusive Pokemon and differences

15.12.2021
7 Essentials You Need to Complete Your Twitch Streaming Setup

7 Essentials You Need to Complete Your Twitch Streaming Setup

15.12.2021
Technovanguard — Be at the forefront of technology news

Technovanguard - The latest news from the world of IT and modern technologies.

Categories

  • Computing
  • Entertainment
  • Gaming
  • Mobile
  • Science
  • Security
  • Services
  • Software
  • Space
  • Без рубрики

Tags

FEATUREDNEWS

Recent News

Free AI-powered skills and career service to help workers find their path

Free AI-powered skills and career service to help workers find their path

25.06.2022
Smile is the first horror movie in a long time with a genuinely scary trailer

Smile is the first horror movie in a long time with a genuinely scary trailer

25.06.2022
  • Home
  • About
  • Contact us
  • Submit a News Releases

© 2021 technovanguard.com.

No Result
View All Result
  • Computing
  • Entertainment
  • Gaming
  • Mobile
  • Science
  • Security
  • Services
  • Software
  • Space

© 2021 technovanguard.com.