US inflation rising at fastest rate in almost 40 years

Prices in the US are rising at their fastest rate in almost 40 years, with inflation up seven per cent year-on-year in December.
Strong demand and scarce supply for key items such as cars are driving the increases, which are putting pressure on policymakers to act.
The US central bank is expected to raise interest rates this year.
The rise in borrowing costs is aimed at reducing demand by making purchases such as cars more expensive.

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