Americans in November saw prices jump 6.9 percent from the year before. That’s the highest annual inflation rate since 1982.
The increased prices have affected everything from food and fuel to used vehicles and household goods. Gasoline prices are up more than 58 percent from a year ago, but even excluding fuel and food costs, core prices have climbed nearly 5 percent.
The Labor Department on Friday reported that prices rose .8 percent from October to November—a slower increase than the month before.
What’s causing the inflation? Governmental responses to the recession during the COVID-19 pandemic, including stimulus checks and low interest rates, are partly to blame.
Increased consumer demand and supply chain issues also caused shortages of some products, driving up prices. Many employers are raising wages in the face of worker shortages, often increasing prices to offset the cost.
This story originally appeared in WORLD. © 2021, reprinted with permission. All rights reserved.