Widespread: A sign advertises cash paid for used cars in Alhambra, California. There is strong demand in the US auto sector where supply is constrained. — AFP
NEW YORK: United States 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 (Fed) interest-rate hikes as soon as March.
The consumer price index (CPI) climbed 7% in 2021, the largest 12-month gain since June 1982, according to Labour Department data released Wednesday. The widely followed inflation gauge rose 0.5% from November, exceeding forecasts.
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