Prices rose at the fastest pace in four decades in December, increasing 7 percent over the same period a year ago, and cementing 2021 as a year marked by soaring inflation wrought by the ongoing coronavirus pandemic, the Washington Post reported. Prices were also up 0.5 percent in December compared with the month before, according to data released Wednesday by the Bureau of Labor Statistics. While high, inflation actually eased from the rapid price growth seen in October and November. On an annual basis, 2021 still saw the fastest price inflation since the early 1980s, as broken supply chains collided with high consumer demand for used cars and construction materials alike. Higher prices seeped into just about everything households and businesses buy, raising alarms for policymakers at the Federal Reserve and White House that inflation has spread throughout the economy.
