United States inflation rose to 7% year-on-year in December, the highest since June of 1982.

This marked a rise compared with 6.8% in November, 6.2% in October and 5.4% in September.

Energy price increases were a key driver in the data, in particular gasoline prices.

There was also a strong increase in the prices of food, automotive vehicles and apparel.

Food inflation was at 6.3% for December.

The US interest rate is currently at 0.25%, with the Federal Reserve indicating it is set to tighten monetary policy moving forward.