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·         Inflation hits 40 YEAR high as prices jump by 7% in a year - after Biden insisted surging cost of living was just 'a bump in the road': America draws comparisons with Soviet Union as grocery store shelves go bare

·         Food prices soar as inflation sees biggest, fastest increase in decades

 

 

Inflation hits 40 YEAR high as prices jump by 7% in a year - after Biden insisted surging cost of living was just 'a bump in the road': America draws comparisons with Soviet Union as grocery store shelves go bare

 

    Annual inflation hit 7% in December, the highest increase since 1982, the Labor Department said Wednesday

    Labor shortage and supply chain chaos are sending costs higher for businesses, who pass on high prices

    Omicron variant is inflicting havoc on the labor pool, spurring shortages and increasing inflationary pressure

    Shocking shortages have left grocery store shelves bare, spurring comparisons to the Soviet Union

    Biden is under pressure over rising prices and for months insisted the phenomenon was 'transitory'

    Rising prices have wiped out pay increases, and polls show inflation is now a top concern for Americans

 

By Keith Griffith For Dailymail.com (UK)

12 January 2022

 

The annual US inflation rate has jumped to 7 percent, its highest level in nearly 40 years, adding woes for consumers and compounding the issue as a political liability for President Joe Biden.

 

Persistent supply chain issues have left grocery shelves bare across the nation this week, drawing comparisons to conditions in the former Soviet Union and putting further upward pressure on prices.

 

The consumer price index rose 0.5 percent last month after surging 0.8 percent in November, the Labor Department said on Wednesday.

 

It pushed annual inflation to 7 percent in December, the highest increase since June 1982 and up from November's 6.8 percent annual rate.

 

A labor shortage is boosting wages, sending costs higher for businesses, and chaos in the supply chain is showing little sign of easing as Omicron sidelines workers by the millions, suggesting that high inflation could persist well into 2022.

 

Facing pressure to tackle soaring inflation, the Federal Reserve is expected to raise benchmark interest rates four times this year, according to recent research notes from Goldman Sachs, J.P. Morgan, and Deutsche Bank.

 

Higher interest rates could put a damper on rising prices, but will also increase the rates for mortgages, credit cards, and other consumer borrowing.

 

J.P. Morgan CEO Jamie Dimon told CNBC on Monday that he 'would be surprised if it's just four increases this year,' insisting that those four hikes 'would be very easy for the economy to absorb.'

 

Excluding volatile food and energy prices, so-called core inflation rose 0.6 percent on the month in December for an annual gain of 5.5 percent, the fastest 12-month increase since February 1991...

 

more, including charts, table, links, photos

https://www.dailymail.co.uk/news/article-10394417/Inflation-rises-prices-jump-7-year-highest-level-40-years.html

 

 

Food prices soar as inflation sees biggest, fastest increase in decades

 

Susan Selasky, Detroit Free Press

Jan 12, 2022

 

Consumer prices for goods and services rose again in December, spiking inflation to its fastest rate and the highest increase in 40 years. For the past 12 months, the inflation rate has surged upwards and is up 7% from last December.

 

The increase was up from last month's year-over-over increase of 6.8% and the biggest, fastest increase since June 1982, according to the Bureau of Labor Statistics (BLS) monthly Consumer Price Index (CPI) report released on Wednesday.

 

Overall consumers prices increased 0.5% in December, after rising 0.8% in November. Excluding food and energy, consumer prices were up, increasing 0.6% in December after a 0.5% increase in November.

 

Although prices for food increased 0.5% in December, the increase was less than in the last three months.

 

Prices for meats, poultry, fish, and eggs declined 0.4% in December after rising for the last 7 months. Beef was down 2% and pork nearly 1% for December. Pork prices increased more than 2% in November. Both beef and pork prices have surged sharply year-over-year...

 

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https://www.freep.com/story/news/local/michigan/2022/01/12/consumer-prices-up-inflation/9183590002/

 

 

Meat is finally getting cheaper. But these other foods aren't

Within that category, meats overall dropped 0.9% — with beef and veal down 2%, pork chops 1.1% cheaper, and hot dogs falling 1.5%.

 

By Danielle Wiener-Bronner, CNN Business

via  WRCB-TV (TN) - January 12th 2022

 

Good news: After rising for months, meat prices are finally falling at the grocery store. Bad news: Many other staples are getting more expensive.

 

Prices for meat, poultry, fish, and eggs fell 0.4% from November to December, according to seasonally adjusted data from the Bureau of Labor Statistics.

 

Within that category, meats overall dropped 0.9% — with beef and veal down 2%, pork chops 1.1% cheaper, and hot dogs falling 1.5%.

 

Not all individual meat items got cheaper, however. Breakfast sausages were up 1.4%, lunch meats got 2.7% more expensive, and chicken prices rose 0.3% in December.

 

And looking over the past year, meats, poultry, fish, and eggs got 12.5% pricier, with beef, veal, and bacon up 18.6%.

 

Experts note multiple challenges have contributed to higher meat prices, including labor shortages, supply chain issues, higher demand, and slower operations at meat plants due to new pandemic-era procedures. The Biden Administration recently unveiled a plan that includes investing $1 billion to boost competition in the meat industry and could help reduce prices in the long term.

 

While meat prices fell in December, other grocery staples got pricier...

 

more

https://www.wrcbtv.com/story/45639904/meat-is-finally-getting-cheaper-but-these-other-foods-arent