Posted on 12/10/21
| News Source: CNBC
Inflation accelerated at its fastest pace since 1982 in November, the Labor Department said Friday, putting pressure on the economic recovery and raising the stakes for the Federal Reserve.
The consumer price index, which measures the cost of a wide-ranging basket of goods and services, rose 0.8% for the month, good for a 6.8% pace on a year over year basis and the fastest rate since June 1982.
Excluding food and energy prices, so-called core CPI was up 0.5% for the month and 4.9% from a year ago, which itself was the sharpest pickup since mid-1991.
The Dow Jones estimate was for a 6.7% annual gain for headline CPI and 4.9% for core.
Price increases came from familiar culprits.
Energy prices have risen 33.3% since November 2020, including a 3.5% surge in November. Gasoline alone is up 58.1%.
Food prices have jumped 6.1% over the year, while used car and truck prices, a major contributor to the inflation burst, are up 31.4%, following a 2.5% increase last month.
The Labor Department said the increases for the food and energy components were the fastest 12-month gains in at least 13 years.
Shelter costs, which comprise about one-third of the CP