Economists had prepared for the worst leading up to today’s Bureau of Labor Statistics’ report.
But the fallout isn’t less painful just because we knew what was coming. Now, here’s the ugly truth:
The latest figures from the Labor Department show that inflation soared to a 39-year high in November.
Fox Business further reports:
Consumer prices surged at the fastest pace in nearly four decades in November as Americans paid more for practically everything from groceries to cars to gasoline, solidifying hot inflation as a key trait of the economic recovery.
The consumer price index rose 6.8% in November from a year ago, according to a new Labor Department report released Friday. The CPI – which measures a bevy of goods ranging from gasoline and health care to groceries and rents – jumped 0.8% in the one-month period from October.
It marks the fastest increase in consumer prices since June 1982, when inflation hit 7.1%.
Economists expected the index to show that prices surged 6.8% in November from the year-ago period and 0.7% from the previous month.