(Hill) – Consumer prices rose 6.8% in the year leading up to November and 0.8% last month alone as a robust 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 inflation gauge, surged in November as retailers, warehouses, suppliers and shipping companies scrambled to meet demand. high demand.
Economists expect CPI to rise 0.7 per cent in November and 6.7 per cent annually after full-year inflation rose to 6.2 per cent in October, a 30-year high.
November’s annual inflation rate of 6.8% was the highest since 1982.
Although November’s inflation rise has been widely forecast, steady upward pressure on prices is a significant strain on cash-strapped households and a political threat to President Joe Biden and Democratic lawmakers.
Biden and his party have tried to emphasize many of the strengths of the recovery from the COVID-19 recession, supported in part by the $1.9 trillion stimulus bill the president signed in March. The unemployment rate fell to 4.2% as the labor market expanded in November, consumer spending rose above pre-pandemic levels, wage growth accelerated and the stock market surged to record highs. new.
Even so, the persistence of high inflation dwarfed most of those gains in the public eye and hurt those least able to pay.
Economists expressed confidence that inflation will finally start to ease next year as the global economy stave off the COVID-19 pandemic.
https://www.upmatters.com/news/annual-inflation-rises-to-6-8-the-highest-rate-since-1982/ Annual inflation rises to 6.8%, highest level since 1982 | WJMN