The most recent price data we have is from November, when two of the most watched inflation measures — the consumer price index and the personal consumption expenditure index — each climbed to a 39-year high
Prices have climbed so high it will take some time for them to come back down to earth. In other words, the uncomfortable inflation numbers of 2021 will likely stay with us well into the New Year..The latter index is what the Federal Reserve pays the most attention to when assessing the nation's inflation.
Another big contributor is the high cost of commodity prices, leading to surging energy and food costs. Prices in both sectors have soared this year and added a good chunk to the inflation we have already seen. In the case of food, high prices have forced some consumers to buy less or switch stores. Economists don't expect that to get any better next year.
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