PROMO 64J1 Finance - Inflation Graph Chart Increase Rise Percent - iStock - G0d4ather

Inflation soars, hitting nearly 40 year high

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Casey Harper | The Center Square

(The Center Square) – Consumer prices increased by nearly 7 percent in November 2021 compared to the same time last year, newly federal inflation data show, the steepest rise in decades.

The Department of Labor’s Bureau of Labor Statistics released data Friday on the consumer price index, a key marker of inflation, showing a 6.8 percent increase in prices in the past twelve months.

“The monthly all items seasonally adjusted increase was the result of broad increases in most component indexes, similar to last month,” BLS said. “The indexes for gasoline, shelter, food, used cars and trucks, and new vehicles were among the larger contributors. The energy index rose 3.5 percent in November as the gasoline index increased 6.1 percent and the other major energy component indexes also rose. The food index increased 0.7 percent as the index for food at home rose 0.8 percent.”

That increase is the fastest in nearly 40 years.

“The all items index rose 6.8 percent for the 12 months ending October, the largest 12-month increase since the period ending June 1982,” BLS said. “The index for all items less food and energy rose 4.9 percent over the last 12 months, while the energy index rose 33.3 percent over the last year, and the food index increased 6.1 percent. These changes are the largest 12-month increases in at least 13 years in the respective series.”

Critics pointed to President Joe Biden’s economic policies, particularly federal debt spending.

“Under President Biden’s leadership, the cost of living has increased at the steepest rate in more than three decades,” said Joel Griffith, economic expert at the Heritage Foundation. “Given historic government spending and the trillions of additional spending proposed, Americans have good reason to worry about inflation—and higher prices across the board confirm those fears.”