U.S. Consumer Inflation Up 6.8% In Past Year, Most Since 1982
Newsy
Over the past 12 months, the costs paid by a typical American family have surged by roughly $4,000, according to calculations by Jason Furman.
Prices for U.S. consumers jumped 6.8% in November compared with a year earlier as surging costs for food, energy, housing, autos and clothing left Americans enduring their highest annual inflation rate in 39 years.
The Labor Department also reported Friday that prices rose 0.8% from October to November — a substantial increase, though slightly less than 0.9% increase from September to October.
Inflation has been inflicting a heavy burden 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, who has been taking steps to try to ease inflation pressures.
