KEY POINTS
  • The consumer price index, an inflation gauge that measures costs across dozens of items, rose 7% in December from a year earlier, the fastest pace since June 1982.
  • That was in line, however, with economist estimates, and stock market futures rose after the release.
  • Excluding food and energy, so-called core CPI was up 5.5% on the year, the biggest growth since February 1991.

Inflation plowed ahead at its fastest 12-month pace in nearly 40 years during December, according to a closely watched gauge the Labor Department released Wednesday.

The consumer price index, a metric that measures costs across dozens of items, increased 7%, according to the department's Bureau of Labor Statistics. On a monthly basis, CPI rose 0.5%.