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Consumer prices rose 7% in the 12 months ended December, according to statistics Released Friday by the Department of Labor, the number is ticking up after a massive surge in recent months, but still marking the highest reading in nearly 40 years.

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Overall prices rose 0.5% since November – higher than economists expected by 0.4%, but well below the 0.8% increase from the previous month.

Despite the monthly decline, prices rose 7% year-on-year last month, the largest annual increase since June 1982.

The overall increase was the result of broad gains in most consumer goods and services, the government said, pointing to rising prices of gasoline, shelter, food and cars as some of the biggest contributors.

The decades-high inflation figure comes a day after Federal Reserve Chairman Jerome Powell testified before Congress that the central bank would hold onto stimulus measures to curb high inflation, saying: “If we have to raise interest rates So we will.”

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