The Bureau of Labor Statistics released the consumer price index data for the month of December 2021 on Jan. 12, showing a 7% annual increase — the largest increase in 40 years.
This comes as inflation reaches record recent highs across the country with increases in prices paid by consumers for products such as food, shelter, cars and energy.
“Increases in the indexes for shelter and for used cars and trucks were the largest contributors to the seasonally adjusted all items increase,” the bureau said in the release. “The food index also contributed, although it increased less than in recent months, rising 0.5% in December.”
The consumer price index is a measure of inflation, which takes into account the cost of dozens of common consumer goods, CNBC reported.
The index rose 0.5% from November 2021, according to the bureau’s data, signaling that inflation has continued to grow on a month-to-month basis.
One of the industries with the biggest price increases is energy, according to CNBC. While these numbers are up over 29% compared to last year, gasoline by itself has increased by nearly 50% in the same time period. For the month, fuel oil prices fell by 2.4% and gasoline, 0.5%.
Over the past year, core consumer price index, which excludes food and energy, was still high, Reuters reported. This marked a 5.5% annual increase in itself.
The Bureau of Labor Statistics also published data on wages for American workers. Adjusted for the increase in inflation, average wages increased by 0.1% from November to December 2021. Compared to last year, hourly wages decreased by 2.4% when accounting for inflation.
The average household income in the state of Nevada is $60,365, the U.S. Census Bureau reported. A 0.1% increase in wages would move that figure to $60,969.
