US consumer prices rose 6.8% in November, biggest jump since 1982

Dec 23, 2021 | 0 comments

Leap in CPI was caused by increases in a wide range of items, including a 6.1% jump in gasoline prices

WASHINGTON: US consumer prices continued to surge in November, climbing 6.8% compared to the same month in 2020, the biggest jump since June 1982, the government said Friday.

The leap in the consumer price index (CPI) was caused by increases in a wide range of items, including a 6.1% jump in gasoline prices, while rents, used car and food costs also increased, according to the Labour Department.

However, there were signs of a crest in the wave of inflation that has pushed prices higher as the US economy recovered this year from the COVID-19 downturn.

Compared to October, CPI rose 0.8%, seasonally adjusted, slightly slower than the prior month’s rate but above analysts’ forecasts.

Many categories saw prices either flatline or decline slightly last month.

The increase in gas prices was the same as in October, while food prices rose 0.7%, less than the month prior, according to the data.

Shelter prices rose by the same level as in October at 0.5%, while used cars, which have grown costly this year in part due to a global semiconductor shortage that has hampered automobile production, climbed 2.5%, also the same as the prior month.

With the volatile food and energy components excluded, CPI rose 0.5% compared to the 0.6%jump in October. That was in line with analysts’ forecasts.

In the latest 12 months, “core” CPI jumped 4.9%, according to the report.

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