Consumer prices increased by fastest pace in nearly four decades in November
American households are grappling with the fastest price increases in nearly four decades, with the cost of everything from cars to gasoline to food soaring in November, the Labor Department reported Friday.
CONSUMER PRICE INDEX SOARS 6.8%
The consumer price index, which measures a bevy of goods ranging from gasoline and health care to groceries and rents, jumped 6.8% from the year-ago period – the highest since June 1982. It toppled the previous month’s high of 6.2%. From October to November, prices climbed 0.8%.
Food
It’s no wonder that Americans have reported substantially higher grocery bills in recent months: Prices rose 0.5% in November from the previous month, and a whopping 6.8% from the year-ago period.
Cars
Used car prices increased again in November, jumping 3.35% from the previous month and 31.4% year-over-year.