Prices paid by U.S. consumer jumped 7% in December from a year earlier, the highest inflation rate since 1982 and the latest evidence that rising costs for food, gas, rent and other necessities are heightening the financial pressures on America 's households. Those increased purchases have clogged ports and warehouses and exacerbated supply shortages of semiconductors and other parts. Fed officials have estimated that they will raise their benchmark short-term rate, now pegged near zero, three times this year. Darden said it raised its prices, in turn, by 2% during the quarter and expects to raise them by 4% over the next two quarters to help compensate. Rick Cardenas, the company's president and chief operating officer, said those higher prices have yet to reduce consumer demand.

Source: Economic Times January 13, 2022 01:48 UTC