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Inflation At 40-Year High Pressures Consumers, Fed And Biden

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FILE - Housing activists march across town toward New York Gov. Kathy Hochul's office, calling for an extension of pandemic-era eviction protections, Tuesday, Aug. 31, 2021, in New York. Prices paid by U.S. consumers jumped in December 2021 compared to a year earlier, the latest evidence that rising costs for food, gas, rent and other necessities are heightening the financial pressures on America's households. (AP Photo/Mary Altaffer, File)

(AP) — Inflation jumped at its fastest pace in nearly 40 years last month, a 7% spike from a year earlier that is increasing household expenses, eating into wage gains and heaping pressure on President Joe Biden and the Federal Reserve to address what has become the biggest threat to the U.S. economy.

Prices rose sharply in 2021 for cars, gas, food and furniture as part of a rapid recovery from the pandemic recession.

Price gains could slow further as snags in supply chains ease, but most economists say inflation won’t fall back to pre-pandemic levels anytime soon.

 

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