US consumer inflation hits 40-year high, impacting working Americans

US consumer inflation hits 40-year high, impacting working Americans

Consumer prices in the US have made the biggest year-to-year jump since 1982, the latest sign that rising inflation is negatively impacting working Americans.

The latest report from the US Labor Department on Wednesday comes on the heels of data last week showing the labor market was at or near maximum employment.

Fed Chair Jerome Powell on Tuesday said the US central bank stood ready to do what was needed to keep high inflation from becoming “entrenched,” in testimony during his nomination hearing before the Senate Banking Committee for a second four-year term as head of the bank.

“The Fed is going to be forced to begin raising rates in March and depending on the political pressure on them – from both sides of the aisle – they are going to have to raise rates four or more times in this year and potentially more than that next year,” said Chris…

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