Inflation at 40-year high pressures consumers, Fed and Biden
A selection of beef cuts is displayed at a Publix Supermarket, Wednesday, Oct. 20, 2021, in Miami. Prices paid by U.S. consumers jumped in December 2021 compared to a year earlier, the latest evidence that rising costs for food, gas, rent and other necessities are heightening the financial pressures on America's households. (AP Photo/Marta Lavandier)
WASHINGTON (AP) — Inflation jumped at its fastest pace in nearly 40 years last month, a 7 percent spike from a year earlier that is increasing household expenses, eating into wage gains and heaping pressure on President Joe Biden and the Federal Reserve to address what has become the biggest threat to the U.S. economy...
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