The U.S. Consumer Price Index continued its historic rise last month. According to The New York Times, the inflation-tracking index climbed by 7 percent in the year through December, making it the steepest increase recorded in the U.S. since 1982. Much of the rise can be blamed on the increased cost of used cars, housing, and food.

The Times reports that the price of full-service restaurant meals shot up by 6.6 percent over the year, and food at home became more expensive, too. Federal Reserve Chairman Jerome Powell said Tuesday: “If we see inflation persisting at high levels longer than expected, if we have to raise interest rates more over time, we will.”