Key inflation gauge surges 5.8% in December, fastest pace in four decades Consumer prices jumped 5.8% in December from the year-ago period

 

Fed holds rates near zero, signals increase is imminent to curb inflation

FOX Business’ Cheryl Casone reports on the Federal Reserve’s first policy-setting meeting of the year, where the Federal Open Market Committee also reaffirmed its commitment to withdrawing its asset purchase program.

A key measure of annual inflation that is closely watched by the Federal Reserve is running at the hottest pace in nearly four decades as widespread supply disruptions, extraordinarily high consumer demand and worker shortages fuel rapidly rising prices.

Prices soared by 5.8% in the year through December, according to the personal consumption expenditures price index data released Friday morning, beating out the previous month's increase of 5.7% to become the fastest inflation pace since 1982.

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