The price of goods and services in the US continue to rise at rates unseen in decades, jumping to 7% in December compared to the same month last year – the seventh consecutive month in which inflation has topped 5%.

The news represents a blow to the Biden administration and the Federal Reserve, which until recently have characterized soaring prices as a “transitory” phenomenon brought about by supply chain issues triggered by the pandemic.

On Wednesday, the labor department said the consumer price index (CPI) – which measures what consumers pay for a wide range of goods – rose 0.5% last month compared with November and 7% compared with December 2020.

Read More: https://www.theguardian.com/business/2022/jan/12/us-inflation-rate-december-2021