US Consumer Prices Soared 6.8 Percent Over Past 12 Months, Biggest Spike Since 1982
Friday, 10 December 2021 08:50 AM
Prices for U.S. consumers jumped 6.8% in November compared with a year earlier as surging costs for food, energy, housing and other items left Americans enduring their highest annual inflation rate since 1982. It is the sixth straight month that inflation has been above 5%.
The Labor Department also reported Friday that from October to November, prices jumped 0.8%.
Inflation has been intensifying pressure on consumers, especially lower-income households and particularly for everyday necessities. It has also negated the higher wages many workers have received, complicated the Federal Reserve’s plans to reduce its aid for the economy and coincided with flagging public support for President Joe Biden.
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