The US inflation rate rose to 6.8% (almost 7%) over the last year to its highest point since 1982, the Bureau of Labor Statistics reported Friday morning.
The consumer price index for all urban consumers (CPI-U) rose by 0.8% in November after rising 0.9% in October. Price increases were seen across many sectors, including gas, food and housing. This was the sixth month in a row of price increases.Gasoline prices rose by 58.1% in November – the largest increase over 12 months since 1980.
Within the food index, grocery store prices increased across the board for a third month in a row. Meat, poultry, fish and eggs saw a 0.9% increase in November while cereals and bakery products saw price increases of 0.8%.
“It does not reflect the expected price decreases in the weeks and months ahead, such as in the auto market”, says president Joe Biden in the statement.
Republicans are already blaming Biden for Friday’s number criticizing Democrats on Twitter for responding to the inflammation referring to the $1.75tn social and climate spending bill that is under negotiations.