U.S. inflation hit the highest level in nearly forty years in November, cementing high and rising inflation as the hallmark of the first year of Joe Biden’s presidency.
The Labor Department said the consumer-price index—which tracks what consumers pay for goods and services—rose in November by 6.8 percent from a year ago. That was the fastest 12-month pace since 1982 and the sixth straight month of inflation above 5 percent.
What’s known as core CPI–which excludes the often-volatile categories of food and energy–increased 4.9 percent in November from a year earlier, a faster pace of price hikes than October’s 4.6 percent.
On a monthly basis, the CPI increased a seasonally adjusted 0.8 percent in November from the prior month. That compares with October’s 0.9 percent monthly rise. Core prices rose 0.5 percent compared with October.
Analysts had expected a slightly lower pace of inflation at 6.7 percent, according to Dow Jones. The consensus for core CPI was 4.9 percent.
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