U.S. inflation leaps 5.8% in 2021, PCE shows, and hits 40-year high
January 28, 2022 at 08:36 AM EST
A measure of U.S. inflation preferred by the Federal Reserve leaped 5.8% in 2021 after another sharp increase in December, underscoring why the central bank is moving to raise interest rates for the first time in four years.