The U.S. inflation rate is at its highest level in 40 years and showing no signs of slowing down, new data revealed Wednesday.

The Consumer Price Index rose by 0.5 per cent in December alone, the U.S. Bureau of Labour Statistics reported, enough to push the annual inflation rate to seven per cent for the first time since 1982.

The figure was in line with what economists were expecting, but up from the previous 40-year high of 6.8 per cent in November.

Higher prices for shelter and for used cars and trucks were the largest contributors to the increase. Prices

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