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As Democrats Look to Subdue Inflation, Economists Say It’s Up to Fed Now
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WASHINGTON—Democrats are trying to use their control of Congress and the White House to curb inflation that has taken off on their watch, but economists say price increases have reached a point beyond what any political party can easily do to tame them quickly.
The consumer-price index rose 7% in December compared with the same month a year earlier, the fastest rate of inflation since 1982 and the latest in a series of high readings. Price increases are driven by supply-chain crunches and strong consumer demand heightened by a series of coronavirus-aid packages, including last year’s $1.9 trillion bill passed by Democrats without GOP support.
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