Inflation soars, hitting nearly 40 year high

Inflation Worries

By , The Center Square

Consumer prices increased by nearly 7% in November 2021 compared to the same time last year, newly federal inflation data show, the steepest rise in decades.

The Department of Labor’s Bureau of Labor Statistics released data Friday on the consumer price index, a key marker of inflation, showing a 6.8% increase in prices in the past twelve months.

“The monthly all items seasonally adjusted increase was the result of broad increases in most component indexes, similar to last month,” BLS said. “The indexes for gasoline, shelter, food, used cars and trucks, and new vehicles were among the larger contributors. The energy index rose 3.5 percent in November as the gasoline index increased 6.1 percent and the other major energy component indexes also rose. The food index increased 0.7 percent as the index for food at home rose 0.8 percent.”

 

The Center Square is a 501(c)(3) non-profit focused on state- and local-level government and economic reporting.