Trucking association chief says industry at 'edge of cliff'

rose at the fastest pace in nearly four decades in December, as rapid price gains fueled consumer fears about the economy.

The consumer price index rose 7% in December from a year ago, according to a new Labor Department report released Wednesday, marking the fastest increase since June 1982, when inflation hit 7.1%. The CPI – which measures a bevy of goods ranging from gasoline and health care to groceries and rents – jumped 0.5% in the one-month period from November.

Economists expected the index to show that prices surged 7% in December from the year-ago period, and 0.4% from the previous month. Price increases were widespread: Although energy prices fell 1.1% in December from the previous month, they're still up 29.3% from last year. Gasoline, on average, costs 49.6% more than it did last year. Food prices have also climbed 6.3% higher over the year, while used car and truck prices – a major component of the inflation increase – are up 37.3%. Shelter costs, which make up nearly one-third of the total increase, jumped 0.4% for the month and 4.

This is why prices are going up, gas prices are at eth levels too 👍😎

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