US hopes of economic expansion in a post-pandemic society appear to remain threatened as the Bureau of Labor Statistics released a report on Wednesday detailing an 8.3% yearly increase in the consumer price index, a broad-based measure of prices for services and goods.
The increase was near the highest level since the summer of 1982, per CNBC.
Eric Winograd, a US economist at asset manager AB, told the Associated Press that core price jumps–fueled by spikes in airline tickets, hotel rooms, and new cars–“make clear that there is still a long way to go before inflation returns to more acceptable levels”