A measure of prices that is closely tracked by the Federal Reserve rose 5.8% last year, the sharpest increase since 1982.

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The Federal Reserve signaled Wednesday that it plans to begin raising its benchmark interest rate as soon as March.

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Prices at the wholesale level surged by a record 9.7% for all of 2021, setting an annual record.

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Prices paid by U.S. consumers jumped 7% in December from a year earlier, the highest inflation rate since 1982.

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Federal Reserve Chair Jerome Powell said the Fed will raise interest rates faster than it now plans if needed to stem surging prices.

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Wall Street delivered another strong year in 2021, as a resurgence in consumer demand fueled by the reopening of the global economy pumped up corporate profits.

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After years of ultra-low inflation, prices rocketed in 2021. The global economy hadn’t experienced anything like this for decades.

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The Fed is poised to execute a sharp turn toward tighter interest-rate policies with inflation accelerating and unemployment falling faster than expected.

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Prices at the wholesale level surged by a record 9.6% in November from a year earlier.

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Many economists expect inflation to remain near the current high level a few more months but to then moderate through 2022 for a variety of reasons.

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