Inflation rises to 7% in December, highest in four decades

By Zach Halaschak

Published January 12, 2022 1:31pm ET

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Inflation rises to 7% in December, highest in four decades — In this Thursday, March 27, 2014 photo, Christopher Quinones re-stocks cream cheese on a shelf at the Whole Foods Market in Woodmere Village, Ohio. The Labor Department releases Consumer Price Index for April on Thursday, May 15, 2014. (AP Photo/Tony Dejak) | Tony Dejak

Consumer prices increased 7% in the 12 months ending in November, the fastest clip since 1982, solidifying inflation as the greatest threat to President Joe Biden’s agenda.

The much-anticipated numbers reported by the Bureau of Labor Statistics Wednesday revealed the extent of the inflation that has afflicted the country as it recovers from the COVID-19 pandemic.

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Department of Labor Inflation Prices Spending