U.S. Inflation Climbs 6.8 Percent in November 📈, the Highest Level in Last Four Decades

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U.S. Inflation Climbs 6.8 Percent in November 📈, the Highest Level in Last Four Decades

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The consumer price index in November has jumped at the fastest rate since 1982, as it rose 0.8% and is up 6.8% from a year ago, the Labor Department announced on December 10.

The increase in prices was observed across a variety of products with food, shelter, gasoline, new & used cars seeing the biggest jumps. 

In November, energy costs surged 33% over the last year, food costs increased 6%, and used car & truck prices increased 31%.

Moreover, the Labor Department said the surges in the food and energy components were the quickest 12-month gains in at least 13 years.

The last time U.S. consumers saw persistent price increases was in the 1970s. Inflation had increased from below 3% in 1972 to more than 13% in 1979. 

By 1982, the inflation level had fallen back into the single digits. For consumers under 40 years, the recent increase in prices represents the largest inflation in their lifetime.

But even as prices increase, economists expect inflation to ease in the coming months, mainly driven by declining oil prices and uncertainty over the COVID-19 pandemic.

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