Consumer prices surged 6.8 percent in the year leading into November and 0.8 percent last month alone as a roaring economy overwhelmed struggling supply chains and fueled inflation, according to data released Friday by the Labor Department.
The consumer price index (CPI), a closely watched gauge of inflation, rose sharply in November as retailers, warehouses, suppliers, and shipping companies scrambled to meet intense demand.
Economists expected the CPI to rise 0.7 percent in November and 6.7 percent annually after year-over-year inflation rose to 6.2 percent in October, the highest rate in 30 years.
Inflation rose 0.8% in November after rising 0.9% in October. Price increases were seen across many sectors, including gas, food, and housing. This is the sixth month in a row the US is seeing price increases.
Gasoline prices rose 58.1% in November – the largest increase over 12 months since 1980.
Within the food index, grocery store prices increased across the board for the third month in a row. Meat, poultry, fish, and eggs saw a 0.9% increase in November while cereals and bakery products saw price increases of 0.8%.
The price index that does not include food and energy rose 0.5% in November after a 0.6% increase in October. The prices of used and new cars, household furnishings, apparel, and airline fares all notably rose last month.
Ahead of Friday’s data release, Joe Biden released a statement saying that the inflation rate “does not reflect today’s reality”.
“It does not reflect the expected price decreases in the weeks and months ahead, such as in the auto market,” Biden said in the statement.
As inflation has become a line of attack from the administration’s critics over the last few months, the White House has maintained that today’s inflation is “transitory”, or a temporary rise in prices, because of the pandemic.
The price index that does not include food and energy rose 0.5% in November after a 0.6% increase in October. The prices of used and new cars, household furnishings, apparel, and airline fares all notably rose last month.
Ahead of Friday’s data release, Joe Biden released a statement saying that the inflation rate “does not reflect today’s reality”.
“It does not reflect the expected price decreases in the weeks and months ahead, such as in the auto market,” Biden said in the statement.
As inflation has become a line of attack from the administration’s critics over the last few months, the White House has maintained that today’s inflation is “transitory”, or a temporary rise in prices, because of the pandemic.
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