The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. Indexes are available for the U.S. and various geographic areas.
Today, the US Department of Labour released their data for the last 12 months. The figures jumped 7.5%, the largest 12-month change since 1982.
Energy as a whole was the largest increase as fuel prices continue to rise. This figure was up 27% with gas individually rising 40%.
Food costs have risen 7%.
The markets have fallen nearly 1.5% following this data. The S&P500 now sits near $4,500 and Nasdaq at $14,750.