Key inflation gauge rose 5.8% in December, fastest since 1982

A key inflation indicator ticked higher in December as supply chain disruptions, product shortages and a tight labor market continue to result in higher costs for Americans, the feds said Friday. Consumer prices rose 5.8 percent in December compared to one year earlier, according to the Commerce Department’s Personal Consumption Expenditures index – the Federal Reserve’s preferred measure of inflation. The rate increased compared to November, when the PCE hit 5.7 percent.