December Inflation Hits 39-Year High as Energy Prices Balloon

Inflation accelerated to the highest pace in nearly four decades in December, driven mainly by the surge in energy prices during the month.

Annual inflation in December stood at 7.0%, the fastest increase in 39 years since the level recorded in June 1982.
Core inflation surged to 5.5%, marking the highest level recorded in 30 years since February 1991.
The energy index grew by 29.3%, with all major energy component indexes recording a jump during the month.
The biggest increase was recorded in the gasoline prices, which ballooned by 48.9%, followed by energy commodities with 48.9%, and fuel oil with 41.0%.
Outside energy, surges were also seen in used cars and trucks up 37.8%, new vehicles up 10.7%, and food up by 6.3%.
Compared with the previous month, inflation stood at 0.5%, the slowest in three months since September 2021’s 0.4%.

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