WASHINGTON – United States consumer prices continued to surge in November, climbing 6.8% compared with the same month last year, the biggest jump since June 1982, the government said today.
The leap in the consumer price index (CPI) was caused by increases in a wide range of items, including a 6.1% jump in petrol prices, while rents, used car, and food costs also increased, according to the Labour Department.
However, there were signs of a crest in the wave of inflation that has pushed prices higher as the US economy recovered this year from the Covid-19 downturn.
Compared to October, CPI rose 0.8%, seasonally adjusted, slightly slower than the prior month’s rate, but above analysts’ forecasts.
Many categories saw prices either flatline, or decline slightly last month.
The increase in petrol prices was the same as in October, while food prices rose 0.7%, less than the month prior, according to the data.
Shelter prices rose by the same level as in October at 0.5%, while used cars – which have grown costly this year in part due to a global semiconductor shortage that has hampered automobile production – climbed 2.5%, also the same as the prior month.
With the volatile food and energy components excluded, CPI rose 0.5% compared to the 0.6% jump in October. This was in line with analysts’ forecasts.
In the last 12 months, “core” CPI jumped 4.9%, according to the report. – AFP, December 10, 2021
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