Inflation rose again in November, with prices rising at their fastest rate since the 1980s, as housing costs rose at an all-time high and food and energy prices remained high.
According to the U.S. Bureau of Labor Statistics’ Consumer Price Index, prices of goods and services in the United States rose 0.8 percent in November, marking the third consecutive month of inflation.
The Consumer Price Index increased by 0.9 percent in October, and the price index was released on December 10th, revealing that inflation has increased by 6.8 percent year on year. Inflation has risen year on year for the first time since the July 1982 report.
As inflation continues to rise, it has a disproportionate impact on low-wage earners, according to several economists.
Shelter costs, used cars and trucks, new vehicles, household furnishings, apparel, and airline fares were among the most expensive in November.
In November, prices for auto insurance, recreation, and communication all fell.
Housing prices have been particularly high, contributing to higher inflation figures, according to Charlie Biello, founder and CEO of Compound Capital Advisors.