• Latest
  • Trending
  • All
  • Politics
  • Economy
  • Security
  • Education
  • Sports
  • Health
  • Entertainment
  • Legal
  • Technology and Science
  • Opinion
  • Columns
  • Exposé
  • World
  • Lifestyle
US Inflation Hit 7% in December, Fastest Pace Since 1982

US Inflation Hit 7% in December, Fastest Pace Since 1982

7 months ago
Nigeria: Regulator Sanctions Dozens Of Broadcast Stations Over Outstanding Levies

Nigeria: Regulator Sanctions Dozens Of Broadcast Stations Over Outstanding Levies

40 mins ago
Apple Warns Of Security Flaw In IPhones, IPads And Macs

Apple Warns Of Security Flaw In IPhones, IPads And Macs

4 hours ago
US Opens Application For 2023 Mandela Washington Fellowship

US Opens Application For 2023 Mandela Washington Fellowship

5 hours ago
NCDMB
ADVERTISEMENT
2022 Qatar World Cup: FIFA Sells 2.45 Million Tickets

2022 Qatar World Cup: FIFA Sells 2.45 Million Tickets

6 hours ago
Naira Stabilises At Official Market, Gains N3 At Black Market

Naira Stabilises At Official Market, Gains N3 At Black Market

6 hours ago
Malaysia: Flood Displace 12,000 People

Flash Flood Wash Away Homes In Sudan, Over 60 Dead

17 hours ago
Nigerian Govt Set To Reduce Workforce - Minister

We Spend N18.6bn Daily On Petrol Subsidy- Nigerian Govt

18 hours ago
UN Withdraws Peacekeeping Mission From Eastern Congo After Deadly Protest

UN Withdraws Peacekeeping Mission From Eastern Congo After Deadly Protest

20 hours ago
Anthony Joshua Talks Tough Ahead Oleksandr Usyk Heavyweight Bout

Anthony Joshua Talks Tough Ahead Oleksandr Usyk Heavyweight Bout

20 hours ago
JUST IN: Two Nigerian Law School Students Abducted By Gunmen In Enugu

JUST IN: Two Nigerian Law School Students Abducted By Gunmen In Enugu

20 hours ago
NCDMB To Participate As Platinum Sponsor At African Energy Week 2022

NCDMB To Participate As Platinum Sponsor At African Energy Week 2022

21 hours ago
Ghana Hikes Interest Rate To 22% As Inflation Soars

Ghana Hikes Interest Rate To 22% As Inflation Soars

22 hours ago
Fresh Protests Rock Sri Lanka After Police Killing

Sri Lanka Police Fire Tear Gas To Disperse Protest

22 hours ago
Nigeria: We Need More Women To Do Investigative Reporting — Sonaiya

Nigeria: We Need More Women To Do Investigative Reporting — Sonaiya

24 hours ago
JUST IN: Nigeria Football Federation Election Gets September 30 Date, As Pinnick, Others Secure Tenure Elongation 

JUST IN: Nigeria Football Federation Election Gets September 30 Date, As Pinnick, Others Secure Tenure Elongation 

1 day ago
2021/22 Season: Nigeria’s Oshoala Missing In UEFA Player Of The Year Award Shortlist 

2021/22 Season: Nigeria’s Oshoala Missing In UEFA Player Of The Year Award Shortlist 

1 day ago
Saudi Female PhD Student Bags 34 Years Imprisonment Over Tweet

Saudi Female PhD Student Bags 34 Years Imprisonment Over Tweet

1 day ago
2022 U21 African Volleyball Championship: Despite Final Group Loss, Nigeria Land In Quarterfinal, Confront Libya

2022 U21 African Volleyball Championship: Despite Final Group Loss, Nigeria Land In Quarterfinal, Confront Libya

1 day ago
For Killing Wife, Court Sentences Nigerian Wrestler To Death By Hanging 

For Killing Wife, Court Sentences Nigerian Wrestler To Death By Hanging 

1 day ago
Teenage Mothers Return To School In NCDMB-funded Skills Training Programme

Teenage Mothers Return To School In NCDMB-funded Skills Training Programme

1 day ago
ADVERTISEMENT
Friday, August 19, 2022
  • Photo Speaks
  • Videos
  • You-Report
  • Whistleblower
  • Advertise
  • HT Events
  • About HT
  • Contact
The Heritage Times
No Result
View All Result
Translate | EN FR
  • Login
  • Politics
    US Opens Application For 2023 Mandela Washington Fellowship

    US Opens Application For 2023 Mandela Washington Fellowship

    Kenyan Women Make History With Record Election Wins

    Kenyan Women Make History With Record Election Wins

    William Ruto Wins Kenyan Presidential Election

    William Ruto Wins Kenyan Presidential Election

    Kenya: Poll Officials Set To Declare Presidential Election Results

    Kenya: Poll Officials Set To Declare Presidential Election Results

    Nigerian Youths Must Break Wall Of Ethnicity To Take Back Their Country - Bishop Kukah

    Nigerian Youths Must Break Wall Of Ethnicity To Take Back Their Country – Bishop Kukah

    Nigeria: Wike Asks Court To Remove Atiku As PDP Presidential Candidate

    Nigeria: Wike Asks Court To Remove Atiku As PDP Presidential Candidate

    #KenyaDecides: Misinformation Widespread As Vote Count Enters Third Day

    #KenyaDecides: Misinformation Widespread As Vote Count Enters Third Day

    IATF 2021 Nigeria Aggressively Ready To Maximise Advantage Of Durban Trade Fair - President Buhari

    Nigeria: Presidency Gives Reasons For Reversing Authorization Of ExxonMobil Share Acquisition

    Africa Observer Missions Praise Kenya Election

    Africa Observer Missions Praise Kenya Election

  • Economy
    Naira Stabilises At Official Market, Gains N3 At Black Market

    Naira Stabilises At Official Market, Gains N3 At Black Market

    Nigerian Govt Set To Reduce Workforce - Minister

    We Spend N18.6bn Daily On Petrol Subsidy- Nigerian Govt

    NCDMB To Participate As Platinum Sponsor At African Energy Week 2022

    NCDMB To Participate As Platinum Sponsor At African Energy Week 2022

    Ghana Hikes Interest Rate To 22% As Inflation Soars

    Ghana Hikes Interest Rate To 22% As Inflation Soars

    Teenage Mothers Return To School In NCDMB-funded Skills Training Programme

    Teenage Mothers Return To School In NCDMB-funded Skills Training Programme

    Bloomberg Declares Ghana’s Cedi Worst Performing Currency

    Bloomberg Declares Ghana’s Cedi Worst Performing Currency

    UAE To Ease Flight Restriction On Nigeria, Others June 23

    Why Flights To Nigeria Will Be Suspended From Sept 1 — Emirates Airlines 

    100 Youths Empowered As NCDMB, ITF Complete Vocational Skills Training

    100 Youths Empowered As NCDMB, ITF Complete Vocational Skills Training

    Nigeria: Electricity Workers Shut National Grid As Appeal To Suspend Strike Fails

    Nigeria: Electricity Workers Shut National Grid As Appeal To Suspend Strike Fails

  • Security
  • Education
  • Sports
  • Health
  • Metro
  • Entertainment
  • Lifestyle
  • Legal
  • Tech & Science
  • Opinion
  • Exposé
  • Exclusive Videos
  • Niger Delta
  • World
  • Politics
    US Opens Application For 2023 Mandela Washington Fellowship

    US Opens Application For 2023 Mandela Washington Fellowship

    Kenyan Women Make History With Record Election Wins

    Kenyan Women Make History With Record Election Wins

    William Ruto Wins Kenyan Presidential Election

    William Ruto Wins Kenyan Presidential Election

    Kenya: Poll Officials Set To Declare Presidential Election Results

    Kenya: Poll Officials Set To Declare Presidential Election Results

    Nigerian Youths Must Break Wall Of Ethnicity To Take Back Their Country - Bishop Kukah

    Nigerian Youths Must Break Wall Of Ethnicity To Take Back Their Country – Bishop Kukah

    Nigeria: Wike Asks Court To Remove Atiku As PDP Presidential Candidate

    Nigeria: Wike Asks Court To Remove Atiku As PDP Presidential Candidate

    #KenyaDecides: Misinformation Widespread As Vote Count Enters Third Day

    #KenyaDecides: Misinformation Widespread As Vote Count Enters Third Day

    IATF 2021 Nigeria Aggressively Ready To Maximise Advantage Of Durban Trade Fair - President Buhari

    Nigeria: Presidency Gives Reasons For Reversing Authorization Of ExxonMobil Share Acquisition

    Africa Observer Missions Praise Kenya Election

    Africa Observer Missions Praise Kenya Election

  • Economy
    Naira Stabilises At Official Market, Gains N3 At Black Market

    Naira Stabilises At Official Market, Gains N3 At Black Market

    Nigerian Govt Set To Reduce Workforce - Minister

    We Spend N18.6bn Daily On Petrol Subsidy- Nigerian Govt

    NCDMB To Participate As Platinum Sponsor At African Energy Week 2022

    NCDMB To Participate As Platinum Sponsor At African Energy Week 2022

    Ghana Hikes Interest Rate To 22% As Inflation Soars

    Ghana Hikes Interest Rate To 22% As Inflation Soars

    Teenage Mothers Return To School In NCDMB-funded Skills Training Programme

    Teenage Mothers Return To School In NCDMB-funded Skills Training Programme

    Bloomberg Declares Ghana’s Cedi Worst Performing Currency

    Bloomberg Declares Ghana’s Cedi Worst Performing Currency

    UAE To Ease Flight Restriction On Nigeria, Others June 23

    Why Flights To Nigeria Will Be Suspended From Sept 1 — Emirates Airlines 

    100 Youths Empowered As NCDMB, ITF Complete Vocational Skills Training

    100 Youths Empowered As NCDMB, ITF Complete Vocational Skills Training

    Nigeria: Electricity Workers Shut National Grid As Appeal To Suspend Strike Fails

    Nigeria: Electricity Workers Shut National Grid As Appeal To Suspend Strike Fails

  • Security
  • Education
  • Sports
  • Health
  • Metro
  • Entertainment
  • Lifestyle
  • Legal
  • Tech & Science
  • Opinion
  • Exposé
  • Exclusive Videos
  • Niger Delta
  • World
No Result
View All Result
Morning News
ADVERTISEMENT
Home Economy

US Inflation Hit 7% in December, Fastest Pace Since 1982

Inflation soared 7% in 2021, the biggest increase in nearly 40 years, the Labor Department announced on Wednesday.

January 13, 2022
in Economy, Top Stories
0
US Inflation Hit 7% in December, Fastest Pace Since 1982
39
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp
ADVERTISEMENT

By John Ikani

US inflation hit its fastest pace in nearly four decades last year as pandemic-related supply and demand imbalances, along with stimulus intended to shore up the economy, pushed prices up at a 7% annual rate.

Relatedreading

Nigeria: Regulator Sanctions Dozens Of Broadcast Stations Over Outstanding Levies

Apple Warns Of Security Flaw In IPhones, IPads And Macs

The Labor Department said Wednesday the consumer-price index—which measures what consumers pay for goods and services—rose 7% in December from the same month a year earlier, up from 6.8% in November. That was the fastest since 1982 and marked the third straight month in which inflation exceeded 6%.

ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT

COVID-19’s fast-spreading omicron variant likely intensified the price increases by spawning more worker absences in global delivery networks and slowing shipments, says Wells Fargo economist Sam Bullard. That more than erased any easing of demand and prices in COVID-19-sensitive industries like travel, Bullard says.

Price increases for shelter and used cars drove the surge. Used car and truck prices shot up 37% last year, with the average used vehicle now costing $29,000, according to Edmunds. Shelter costs rose 4.1%. Energy costs increased 29% last year but dropped in December, reflecting falling prices for gasoline and natural gas.

Excluding volatile food and energy items, so-called core prices rose 5.5% in 2021, a new 30-year high. On a monthly basis, overall consumer prices increased 0.5% in December while core prices advanced 0.6%.

Younger consumers have never experienced this sort of spiraling inflation. The last time prices rose so quickly was in the summer of 1982, as it was cooling off from the double-digit increases of the 1970s.

“We are probably at the peak of inflation increases, but that peak looks months-long until fundamental factors such as supply-chain disruptions and the chip shortage get fixed,” Robert Frick, Corporate Economist at the Navy Federal Credit Union, said in a report.

“This is sapping consumers’ buying power, as real hourly wages have now dropped for nine straight months. And lower-income Americans are hurt most, given high prices in food and energy take up a bigger portion of their paychecks,” he added.

The Fed is expected to raise interest rates at least three times this year to cool rising inflation, although many economists predict four rate hikes.

The central bank expects its preferred of inflation gauge (which accounts for consumers switching to cheaper products) to fall to 2.6% this year, with the nation’s unemployment rate forecast to descend to 3.5%, according to projections from the Fed’s most recent meeting in December.

Economists expect overall inflation to ease in the coming months as gasoline and other energy prices continue to pull back and crude oil prices fall. But core inflation is expected to drift higher before edging down as the supply snags are ironed out.

Tags: Robert FrickSam BullardUS Department of LaborUS Inflation
ShareTweetSendShare
ADVERTISEMENT
Previous Post

Tax, Backend Access, Other Conditions That Made Nigerian Govt Lift Twitter Suspension

Next Post

Porous Armouries and ‘Missing’ Guns

Related Posts

Nigeria: Regulator Sanctions Dozens Of Broadcast Stations Over Outstanding Levies

Nigeria: Regulator Sanctions Dozens Of Broadcast Stations Over Outstanding Levies

August 19, 2022
Apple Warns Of Security Flaw In IPhones, IPads And Macs

Apple Warns Of Security Flaw In IPhones, IPads And Macs

August 19, 2022

US Opens Application For 2023 Mandela Washington Fellowship

2022 Qatar World Cup: FIFA Sells 2.45 Million Tickets

Naira Stabilises At Official Market, Gains N3 At Black Market

Flash Flood Wash Away Homes In Sudan, Over 60 Dead

Next Post
Nigeria: 178,459 AK-47, Assorted Rifles, Pistols, Ammunition Missing From Police Armory – Audit Report

Porous Armouries and ‘Missing’ Guns

Discussion about this post

Heritage Bank

Updates

  • Trending
  • Comments
  • Latest
Nigeria: How Agric Ministry Used N18.9bn To Clear Bushes In 2019

Nigeria: How Agric Ministry Used N18.9bn To Clear Bushes In 2019

August 17, 2022
UAE Slams Visa Ban On Nigeria After Eiye, Aiye Cult Groups Rival Each Other In Dubai

UAE Slams Visa Ban On Nigeria After Eiye, Aiye Cult Groups Rival Each Other In Dubai

July 29, 2022
Time, Venue Confirmed For Anthony Joshua’s Big Bout

Time, Venue Confirmed For Anthony Joshua’s Big Bout

August 13, 2022
French Giants, PSG, Move To Snap Nigeria’s Victor Osimhen From Napoli 

French Giants, PSG, Move To Snap Nigeria’s Victor Osimhen From Napoli 

August 14, 2022
Nigeria: Regulator Sanctions Dozens Of Broadcast Stations Over Outstanding Levies

Nigeria: Regulator Sanctions Dozens Of Broadcast Stations Over Outstanding Levies

August 19, 2022
Apple Warns Of Security Flaw In IPhones, IPads And Macs

Apple Warns Of Security Flaw In IPhones, IPads And Macs

August 19, 2022
US Opens Application For 2023 Mandela Washington Fellowship

US Opens Application For 2023 Mandela Washington Fellowship

August 19, 2022
2022 Qatar World Cup: FIFA Sells 2.45 Million Tickets

2022 Qatar World Cup: FIFA Sells 2.45 Million Tickets

August 19, 2022
NCDMB

Most Recent

Nigeria: Regulator Sanctions Dozens Of Broadcast Stations Over Outstanding Levies

August 19, 2022

Apple Warns Of Security Flaw In IPhones, IPads And Macs

August 19, 2022

US Opens Application For 2023 Mandela Washington Fellowship

August 19, 2022

2022 Qatar World Cup: FIFA Sells 2.45 Million Tickets

August 19, 2022

Naira Stabilises At Official Market, Gains N3 At Black Market

August 19, 2022

Flash Flood Wash Away Homes In Sudan, Over 60 Dead

August 18, 2022

We Spend N18.6bn Daily On Petrol Subsidy- Nigerian Govt

August 18, 2022

UN Withdraws Peacekeeping Mission From Eastern Congo After Deadly Protest

August 18, 2022
HOUSE FORTY THREE RESTAURANT
MOSILO GROUP
ADVERTISEMENT

About

The Heritage Times was established to advance transparency and accountability in leadership and governance. Our vision is to become Africa's foremost provider of quality news and contents. We seek to lead a news media revolution that will foster a sustainable democratic Africa.

Featured

Have Mali And Burkina Faso Coups Reined In Jihadist Attacks?

What We know About The Conflict In DR Congo

#ReformIELTSPolicy: UK Envoy’s Statement Justifies Advocacy For Nigeria’s IELTS Exemption, Says Group

Connect

Connect with us on social media and receive timely updates on the go.

Get Updates

    • About
    • Privacy Policy

    © 2022 The Heritage Times Media.

    No Result
    View All Result
    • Welcome
    • Politics
    • Economy
    • Security
    • Exposé
    • Education
    • Sports
    • Health
    • Entertainment
    • Legal
    • Technology and Science
    • Opinion
    • Columns
    • World
    • __________________
    • Photo Speaks
    • Videos
    • You-Report
    • Whistleblower
    • Advertise
    • HT Events
    • About HT
    • Contact us

    © 2022 The Heritage Times Media.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In