The numbers: The cost of living climbed again in November and drove the rate of U.S. inflation to a nearly 40-year of 6.8%, putting more pressure on households as they confront rising prices of gas, food, cars, rent and so forth.
The consumer price index increased 0.8% last month, the government said Friday. Economists polled by The Wall Street Journal had forecast a 0.7% advance.
The pace of inflation over the past year escalated to 6.8% from 6.2% in the prior month. That’s more than triple the Federal Reserve’s 2% target and is the highest rate since July 1982.
As long as you don't need cars, housing, food or energy inflation is only 6.8%.
— Sven Henrich (@NorthmanTrader) December 10, 2021
— Win Smart, CFA (@WinfieldSmart) December 10, 2021
Real Wage Growth Falls To -1.9% As Inflation Rises To 6.8% In November (Taylor Rule Rate Rises To 16.94% While Fed Remains At 0.25%) t.co/wskj5lWeLq
— Anthony Sanders (@AnthonyBSanders) December 10, 2021