Inflation Running at It's Fastest Pace Since 1982
Inflation has accelerated to its astest pace since 1982, with the Consumer Price Index (CPI) reaching a staggering 6.8% on the year over year metric.
In addition, energy prices have risen 33.3% since November 2020, including a 5% surge in November. Gas itself is up over 58%.
Federal officials have gone on record to attribute the inflation jump to factors as a result of the pandemic, including supply botthlenecks and shortages.
Though gross pay has increased 4.8% over the past year, real average hourly earnings accounting for inflation declined another 0.4% for November and are down 1.9% for the 12-month period, the Labor Department said in a separate release.
While much of the pandemic-era inflation has come from soaring demand for products such as vehicles and other long-lasting goods, services inflation also has been on the rise. Excluding energy, services costs rose 0.4% in November and are up 3.4% for the 12 months, the quickest annual pace April 2007.
Currently, as unemployment claims are running at their lowest pace since 1969 and the GDP is expected to show strong gains in Q4 2021, inflation remains the key issue that America must address.