Annual inflation in the United States hit 7% in December, registering its highest level since 1982, while core inflation, which leaves out volatile food and energy prices, rose 5.5%. In addition, consumer prices surged 0.5% month-over-month.
Stocks closed at session lows on Thursday’s regular trading, as the Dow Jones Industrial Average (DJIA) shed 0.89%, while the S&P 500 declined 1.1%, reversing from their gains earlier in the trading session. On top of it, Federal Reserve officials are expected by economists to signal interest rate hike next week.
