Consumer inflation plowed ahead at its fastest annual pace in nearly 40 years during December, according to a closely watched gauge the Labor Department released Wednesday.
The consumer price index, a metric that measures costs across dozens of items, increased 7%, according to the department’s Bureau of Labor Statistics. On a monthly basis, CPI rose 0.5%. Economists surveyed by Dow Jones expected the gauge to increase 7% on an annual basis and 0.4% from November.
The annual move was the fastest increase since June 1982.
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