US inflation rises at fastest pace in nearly 40 years - RTHK
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US inflation rises at fastest pace in nearly 40 years

2022-01-12 HKT 22:52
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  • Autos, housing and energy among the biggest contributors. Photo: AFP
    Autos, housing and energy among the biggest contributors. Photo: AFP
US consumer prices rose seven percent over 2021, the government announced on Wednesday, confirming the potency of the inflation wave that has troubled President Joe Biden as the economy recovered from the pandemic.

The consumer price index (CPI) in the 12 months to December rose at the fastest pace since June 1982, the Labour Department said, with housing, autos and energy among the biggest contributors.

However, month-on-month CPI growth slowed to 0.5 percent from November, indicating the price increases may be nearing a peak. (AFP)