U.S. inflation hit a 40 year high in November, cementing high and rising inflation as the hallmark of the first year of Joe Biden’s presidency.
The Labor Department said the consumer-price index—which tracks what consumers pay for goods and services—rose in November by 6.8 percent from a year ago. That was the fastest 12-month pace since 1982 and the sixth straight month of inflation above 5 percent.
The core price index, which excludes the often-volatile categories of food and energy, increased 4.9 percent in November from a year earlier, a faster pace of price hikes than October’s 4.6 percent.
On a monthly basis, the CPI increased a seasonally adjusted 0.8 percent in November from the prior month. That compares with October’s 0.9 percent monthly rise. Core prices rose 0.5 percent compared with October.
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