Infographic: inflation hits new high in December

Inflation is at a new high in nearly four decades as widespread supply disruptions, extraordinarily high consumer demand and worker shortages fuel a rise in demand.

According to the Personal Consumption Expenditures price index data released Friday morning, prices soared by 5.8% in the year through December. The reading beat out the previous month's increase of 5.7% to become the fastest inflation jump since 1982.

The price of food and energy went up by 4.9% in the one month period between November and December, up 0.4% and 0.5% when excluding the more volatile measures of food and energy. The previous year's prices were the highest since September 1983. The measurement is the preferred gauge of the Federal Reserve, and it marks the ninth consecutive month the measure has been above the central bank's target range of 2%.

This is a developing story.