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Biden points to ‘progress’ as US prices hit record high last year

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AFP

Washington (AFP) – US consumer prices jumped last year at the fastest pace in four decades, the government confirmed Wednesday, underscoring the potent inflation wave that has sapped public support for President Joe Biden even as the economy recovers from the pandemic. The seven percent increase in the Labor Department’s consumer price index (CPI) over the 12 months to December was the highest since June 1982, as prices rose for an array of goods, especially housing, cars and food. Since taking office last January, Biden has presided over an economy that has expanded rapidly and seen millions …

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