Inflation hits 39-year high

(KYMA, KECY) - If prices seem high to you right now, you're right. Inflation hit a 39-year high.

The Bureau of Labor Statistics reported that inflation jumped 7% in the 12 months ending in December.

That's the steepest climb in prices since June 1982.

It was also a faster rate of increase than November's 6.8%, and higher than economists had predicted.

The Federal Reserve plans multiple interest rate hikes this year to help fight inflation.

Policy makers have already signaled a rate-hike could come as early as March.