Consumer prices surged at the fastest pace in nearly four decades in November as Americans paid more for practically everything from groceries to cars to gasoline, solidifying hot inflation as a key trait of the economic recovery.
The consumer price index rose 6.8% in November from a year ago, according to a new Labor Department report released Friday, marking the fastest increase since June 1982, when inflation hit 7.1%.
...Economists expected the index to show that prices surged 6.8% in November from the year-ago period and 0.7% from the previous month.
Price increases were widespread: Energy prices jumped 3.5% in November and are up 33.3% year over year. Gasoline is a stunning 58.1% higher than it was a year ago. Food prices have also climbed 6.1% higher over the year, while used car and truck prices – a major component of the inflation increase – are up 31%.
The Labor Department said the increases for food and energy were the fastest 12-month gains in at least 13 years.
https://www.foxbusiness.com/economy/us-inflation-surges-to-39-year-high-as-consumer-prices-soar
