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US inflation hits 39-year high of 7%, sets stage for Fed hike

Bloomberg
Bloomberg1/12/2022 9:59 PM GMT+08  • 3 min read
US inflation hits 39-year high of 7%, sets stage for Fed hike
The data bolster expectations that the Fed will begin raising interest rates in March
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US consumer prices soared last year by the most in nearly four decades, illustrating red-hot inflation that sets the stage for the start of Federal Reserve interest-rate hikes as soon as March.

The consumer price index climbed 7% in 2021, the largest 12-month gain since June 1982, according to Labor Department data released Wednesday. The widely followed inflation gauge rose 0.5% from November, exceeding forecasts.

The median forecasts in a Bloomberg survey of economists called for a 7% annual gain and a 0.4% advance in the monthly measure.

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