US consumer prices are likely to extend their eye-popping gains after soaring last year by the most in nearly four decades, further burdening Americans and ramping up pressure on policymakers to act.

The consumer price index (CPI) climbed 7% in 2021, the largest 12-month gain since June 1982, according to labor department data released this week. The widely followed inflation gauge rose a faster-than-expected 0.5% over the month. ..