Inflation climbs at fastest pace in nearly 40 years

Inflation surged to its highest level in nearly four decades in 2021. The Consumer Price Index increased by 0.5% in December, for a total annual increase of 7%. CBS News senior White House correspondent Weijia Jiang and CBS News congressional correspondent Scott MacFarlane join CBSN to discuss the Biden administration's plans to combat inflation and what it means for Americans moving forward.

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Inflation climbs at fastest pace in nearly 40 years

Inflation surged to its highest level in nearly four decades in 2021. The Consumer Price Index increased by 0.5% in December, for a total annual increase of 7%. CBS News senior White House correspondent Weijia Jiang and CBS News congressional correspondent Scott MacFarlane join CBSN to discuss the Biden administration's plans to combat inflation and what it means for Americans moving forward.

CBSN is CBS News’ 24/7 digital streaming news service featuring live, anchored coverage available for free across all platforms. Launched in November 2014, the service is a premier destination for breaking news and original storytelling from the deep bench of CBS News correspondents and reporters. CBSN features the top stories of the day as well as deep dives into key issues facing the nation and the world. CBSN has also expanded to launch local news streaming services in major markets across the country. CBSN is currently available on CBSNews.com and the CBS News app across more than 20 platforms, as well as the Paramount+ subscription service.

Subscribe to the CBS News YouTube channel: http://youtube.com/cbsnews​
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Download the CBS News app: http://cbsn.ws/1Xb1WC8​
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  • Comments

    Josh Borja says:

    “If we spend 2 Trillion more prices will come down” Democrats!

    Kc 82 says:

    I’m utterly shocked by comments like yours. Did never take a political economics class?

    Al K says:

    @Kc 82 It’s clear that dementia Joe didn’t take the class

    Benjamin Reyes says:

    @Kc 82 are you not living in reality? Lol

    Jackie Kidwell says:

    @Philip Williams You’re hysterical !! 😂😂🤣🤣😅😅😂😂🤣🤣You’re trolling everyone and you turn around and call THEM trolls !! Typical liberal thinking 🤔🤨 🤔🤔 !!

    Civsuccess2 says:

    Haha, so true .. they want another round of stimulus so poor people can afford to buy food…. How about 5 or six stimulus money? Nobody has to work anymore. Haha 😂

    James Michael says:

    And I say that it’s nothing but the covering of the truth. But it pays off for the privilege ones

    Von Schweringen says:

    Please tell me the truth, sir.

    Shiney McShine says:

    Oh how wish i was born into generational wealth. although its hard for me to start a new cycle right now… but im trying😪😔

    James Michael says:

    @Shiney McShine yes god bless you with kindness and generosity of wealth bc it is considered a gift from god. That is in Ecclesiastes. If I remember correctly. The truth shall set you free. Seek and you will find. Also pursue peace.

    Civsuccess2 says:

    What’s to expect when you elected one of the most privileged Washington politician?

    Candy A says:

    What did you expect to happen after all those government checks stopped? Minimum wage goes up and prices triple. We all suffer.

    mohsin ali says:

    right

    TheCj71984 says:

    That’s what happens when you keep printing money 💰💰💰

    Mik Rod says:

    Finally someone who understands the monetary system

    Brian Roiger says:

    Awesome job Joe!! Who voted for this guy by mail??

    Soma Persona says:

    Hey stop being racist, c’mon man!

    El Guapo says:

    My dead uncle did!

    Chris W says:

    Y’all know this is the result of Trumpy shutting down the country and all those stimmy checks…plus all that unemployment that was going out. We are paying for it all now. 😩🤦🙆

    bngr bngr says:

    It’s a global problem but the US moves the economy of countries if not continents.

    Civsuccess2 says:

    Haha. It’s a global problem? 🤣 It’s Joe Biden causing a major Global inflation problem alright.

    Idiodyssey87 says:

    Gee, it’s almost as if conjuring trillions of dollars out of the ether and frivolously spending it is not sound economic policy. Who knew? (Certainly not Brandon.)

    Chris W says:

    Y’all know this is the result of Trumpy shutting down the country and all those stimmy checks…plus all that unemployment that was going out. We are paying for it all now. 😩🤦🙆

    Steve Winter says:

    Trump did the same fckn thing. Quit btchn. Remember his trillion dollar tax package? Big cuts for wealthy corps? Trickle down economics? Rightttt

    Sophie Edel says:

    RAISE INTEREST RATES NOW! What the **** is the FED waiting for.

    Vladimir Semenyuk says:

    Wait. I need to sell my house in Brown State first.

    Civsuccess2 says:

    Joe’s trillion dollars folly cannot be easily correct by FED. It’s gonna be a huge recession if that happen.

    Sophie Edel says:

    @Civsuccess2 He got those trillions of $ from the FED.

    Elizabeth French says:

    Should’ve capped price upping after increasing wages.

    FvckYoutube'sCensorshipAndTheirAdBuyers UseAdblock says:

    Truck driver shortage? So speed up the deployment schedule of automated driverless trucks and trains with increased R&D spending and pass traffic laws making that easier to implement, problem solved in a year or 2. Driving jobs will be the first to go in a few years anyway, so shortages are temporary. It’s 2022, human workers should be mostly unnecessary for jobs that are doing the same list of tasks over and over like in manufacturing, 1-2 workers per shift should be able to run a whole damned factory, and even then mostly just watching for problems when not in maintenace mode.

    c smith says:

    Sooo then what happens to all those drivers… what happens to all those in manufacturing… please tell what job market out there is insulated from being taken over by automated systems or AI. Tech… financial, medical??? The war on people who smoke MJ, legal but not legal, fired or not hired. Automated trucks can’t speed up warehouse or field workers in California where your average wait time AFTER your appointment time is 2-3 hrs on the low end.

    Benjamin Reyes says:

    “how can we get inflation back down”

    Just do what Trump did

    Civsuccess2 says:

    He can’t. He doesn’t know the meat price. He can only find out from friends of his family. He has never bought a piece of meat before.

    RMK says:

    Kroger, get smart–pay your employees enough for them to have the basics, food, clothing and shelter. Also, Walmart, Amazon–all of you greedy corporations.

    Obamas Cock says:

    The simple fact is to ease the national debt we need to spend more money. If we don’t then we will be creating more debt. On top of that, printing more money will help increase buying power, the more money in the economy, the more buying power. It’s good that they increased the spending limit, and we are on our way to print more money. It’s just smart economics. Joe Biden for sure has qualified economic aids by his side. Im hoping he increases the minimum wage too, prices are too high. We need at least 30 dollars an hour to match inflation numbers. People saying businesses would just increase prices, there is no evidence of that.

    Obamas Cock says:

    The simple fact is to ease the national debt we need to spend more money. If we don’t then we will be creating more debt. On top of that, printing more money will help increase buying power, the more money in the economy, the more buying power. It’s good that they increased the spending limit, and we are on our way to print more money. It’s just smart economics. Joe Biden for sure has qualified economic aids by his side. Im hoping he increases the minimum wage too, prices are too high. We need at least 30 dollars an hour to match inflation numbers. People saying businesses would just increase prices, there is no evidence of that.

    Obamas Cock says:

    The simple fact is to ease the national debt we need to spend more money. If we don’t then we will be creating more debt. On top of that, printing more money will help increase buying power, the more money in the economy, the more buying power. It’s good that they increased the spending limit, and we are on our way to print more money. It’s just smart economics. Joe Biden for sure has qualified economic aids by his side. Im hoping he increases the minimum wage too, prices are too high. We need at least 30 dollars an hour to match inflation numbers. People saying businesses would just increase prices, there is no evidence of that.

    m says:

    The inflation is creating even greater wealth gaps.

    Fred Bardaje says:

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    Jessica says:

    How can I seek his guidance and expertise.?

    Fred Bardaje says:

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    Mary says:

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    Jessica says:

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    Felipe Granados says:

    These are rookie numbers. I want to see inflation at 20%😂

    Marc Siste says:

    U.S. Inflation hit 7% in December, fastest pace since 1982. Consumer prices in Germany rose by 3.1% in 2021. France shows a 12-month inflation rate of 3.4% the highest since September 2008. Good job Brandon!

    Bill Robbins says:

    As inflation rises start taxing corporations at the same rate? They seem to be the only ones who benefit.

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