Inflation Continues Surge

Fears of rising prices continue as the Labor Department announced the consumer price index grew 7% in December from a year earlier.

The increase is the largest since June 1982, when inflation hit 7.1%. “Inflation at 7% is no joke,” said Seema Shah, chief strategist at Principal Global Investors.

“It’s the highest annual CPI number since 1982 and driven not by energy prices, but by just about everything else.”