If you’re sick of hearing people associate Joe Biden’s economy with the dismal, inflation-ridden wasteland of Jimmy Carter’s, we have some bad news for you: It’s quite an apt comparison.
A key inflation gauge rose 5.8% in 2021, most in 39 years
WASHINGTON (AP) — A measure of prices that is closely tracked by the Federal Reserve rose 5.8% last year, the sharpest increase since 1982, as brisk consumer spending collided with snarled supply chains to raise the costs of food, furniture, appliances and other goods.The Fed’s specific data on this metric is as follows:
The PCE price index for December increased 5.8 percent from one year ago, reflecting increases in both goods and services (table 11). Energy prices increased 29.9 percent while food prices increased 5.7 percent. Excluding food and energy, the PCE price index for December increased 4.9 percent from one year ago.