CPI Comes in at 7%, a 40 Year High as Inflation Continues to Roar Under Biden

The CPI, the key inflation gauge that measures costs across dozens of items, rose 7% in December from a year earlier, the fastest pace since June 1982.

Peter Schiff tweeted “The #CPI rose by .5% in Dec., resulting in a 7% increase for all of 2021, officially the highest annual #inflation rate in 39 years, but unofficially the highest annual rate ever! The price of goods rose by 10.7%, the highest since 1975. Real wages fell or the 9th month in a row!”

Per CNBC “the annual move was the fastest increase since June 1982 and comes amid a shortage of goods and workers and on the heels of unprecedented cash flowing through the U.S. economy from Congress and the Federal Reserve.”