January 12, 2022–After a year of rising prices in the United States, U.S. inflation climbed even higher in December. Even with energy prices dipping down in the month, the Consumer Price Index rose 0.5 percent, bringing inflation up to 7 percent for the year.
To date, the U.S. Federal Reserve has held its federal funds rate near record lows. It is currently at 0.8 percent, despite the rising consumer prices. At his confirmation hearing in the Senate Banking Committee yesterday, Federal Reserve Chairman Jerome Powell said the central bank would respond to rising inflation.
| Item | Price Change (as a percent) |
| All Items | 7 |
| Food | 6.3 |
| Food At Home | 6.5 |
| Food Away From Home | 6 |
| Energy | 29.3 |
| Energy Commodities | 48.9 |
| Gasoline | 49.6 |
| Fuel Oil | 41 |
| Energy Services | 10.4 |
| Electricity | 6.3 |
| Utility Piped Gas | 24.1 |
| Commodities (not including food & energy) | 10.7 |
| New Vehicles | 11.8 |
| Used Vehicles | 37.3 |
| Apparel | 5.8 |
| Medical Care | 0.4 |
| Services (not including energy) | 3.7 |
| Shelter | 4.1 |
| Transportation | 4.2 |
| Medical Care | 2.5 |
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