The country’s inflation rate just hit 7% and it means Oklahomans and others throughout the country are paying far more for their energy as well as food and housing.
The latest Consumer Price Index report from the U.S. Department of Labor said all costs rose 7% for the 12 months ending December. It represented the largest 12-month increase since the period ending February 1991.
The nation’s energy index rose 29.3% over the past year and the food index went up 6.3%.
The government said the energy index actually declined in December ending a long series of increases. It fell 0.4% as the indexes for gasoline and natural gas both decreased.