US Inflation Reaches Near 40-Year High in November

US Inflation Reaches , Near 40-Year High, in November.

Fox News reports that in November, consumer prices rose at the fastest pace in nearly forty years.

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This means that Americans are currently paying more for everything from groceries to gasoline.

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According to a new Labor Department report, in November, the consumer price index rose 6.8% since the same time in 2020.

Fox News reports that this is the fastest increase since June of 1982 when inflation reached 7.1%.

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Core prices, which exclude things like food and energy, rose 4.9% in November, which was the sharpest increase since 1991.

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Energy prices rose 3.5%, reaching a 33.3% increase year over year.

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Compared to the same time last year, gasoline is 58.1% higher.

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Food prices are up 6.1%, while the cost of used cars and trucks has risen 31%.

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Food prices are up 6.1%, while the cost of used cars and trucks has risen 31%.

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On December 9, President Biden downplayed the inflation numbers, stressing that his administration's $7.1 trillion social spending and climate plan is necessary to cut costs.

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On December 9, President Biden downplayed the inflation numbers, stressing that his administration's $7.1 trillion social spending and climate plan is necessary to cut costs.

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Fortunately, in the weeks since the data for tomorrow's inflation report was collected, energy prices have dropped, Joe Biden, United States President, via Fox News.

Fortunately, in the weeks since the data for tomorrow's inflation report was collected, energy prices have dropped, Joe Biden, United States President, via Fox News.

The information being released tomorrow on energy in November does not reflect today's reality, and it does not reflect the expected price decreases in the weeks and months ahead, such as in the auto market, Joe Biden, United States President, via Fox News.

The information being released tomorrow on energy in November does not reflect today's reality, and it does not reflect the expected price decreases in the weeks and months ahead, such as in the auto market, Joe Biden, United States President, via Fox News