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Inflation Jumps 7 Percent Annually in December, Fastest Pace Since 1982

Consumer prices accelerated in the year through December at their fastest pace in 39 years, new government data shows, marking the seventh straight month of inflation running above 5 percent and a fresh sign that inflationary woes continue to weigh on American consumers. The Bureau of Labor Statistics (BLS) reported on Jan. 12 that the Consumer Price Index (CPI), which reflects inflation from the perspective of end consumers, rose 7.0 percent in the 12 months through December, a level not seen since June 1982, when it hit 7.2 percent. “This is not a lucky number 7,” Bankrate Chief Financial Analyst Greg McBride told The Epoch Times in an emailed statement, in which he noted that the pace of inflation was “far outstripping the wage growth of most Americans and squeezing the buying power of households.” A separate government report showed that real average hourly earnings, which are adjusted for inflation, fell 2.4 percent in the 12 …

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