Inflation? Is it really that important? Consumer Price Index (CPI) aka inflation

Inflation? Is it really that important?
Consumer Price Index (CPI) aka inflation

Inflation? Is it really that important?
Consumer Price Index (CPI) aka inflation number for December was reported earlier this month… In this thread below, I would like you to research what was the number reported, how significant it is for the economy? different industries? Why should we care about this at all?
When providing your answers, please make sure to reference official/government sources and feel free to include a table or figure in your response. You will be evaluated based on the amount of details and data provided to support your argument.
Note: No more than a page of information. Keep it simple and to the point.