Keystone Today

Inflation continues to rise across the country, according to a recent report from the U.S. Bureau of Labor Statistics (BLS).  

The median household income in Pennsylvania is $61,744. A 1% rise in wages would move that number to $62,361, according to the U.S. Census Bureau.

Earlier this month, BLS reported that the consumer price index (CPI) data for December 2021 reflected a 7% yearly increase, which was the largest increase in 40 years.

“The 'all items' index rose 7% for the 12 months ending December, the largest 12-month increase since the period ending June 1982,”  BLS stated on its website. "The 'all items' less food and energy index rose 5.5%, the largest 12-month change since the period ending February 1991.”

BLS also noted that in November 2021 the CPI also went up by 0.5%, an indication that inflation is rising on a monthly basis.

CPI is an indicator of inflation, which takes into account the price of an assortment of common consumer goods, according to CNBC.

"Increases in the indexes for shelter and for used cars and trucks were the largest contributors to the seasonally adjusted 'all items' increase," BLS said. "The food index also contributed, although it increased less than in recent months, rising 0.5% in December."

CNBC reports that one of the major sectors that has seen a price surge is energy, where it has increased 29% in comparison to one year ago and gas has spiked by roughly 50% over the same time period. Despite those yearly increases, fuel oil prices fell by 2.4% in December and gasoline prices fell by 0.5% that month.

Core CPI, which eliminates food and energy, was still high with an annual increase of 5.5%, according to Reuters.

BLS also noted that when they took inflation into account on the wages of American workers, they found a slim rise of 0.1% from November to December 2021, as opposed to the previous year when hourly wages decreased by 2.4% when accounting for inflation.