JUST IN: The consumer price index climbed some 6.8% over the last 12 months, marking the largest 12-month increase in nearly 40 years.
The so-called core index, a measure of all prices less the more volatile food and energy indices, rose 0.5% in November, building on a 0.6% increase in October. The core index climbed 4.9% over the last 12 months, the DOL said.Customers shop at the Trader Joe's Upper East Side Bridgemarket grocery store in New York, Dec. 2, 2021.
"Inflation is outpacing increases in household income and weighing heavily on consumer confidence, which is at a decade low," Greg McBride, the chief financial analyst at Bankrate, said in a commentary to ABC News shortly after the data was released Friday."It is only a matter of time before it impacts consumer spending in a material way."The food index jumped 6.1% over the last year and soared 0.7% in November.
The changes in the food and energy index mark the largest 12-month increase in at least 13 years, the DOL said. Some of the largest contributors to soaring prices were increases in prices for gasoline, shelter, food, used and new vehicles and trucks.lingering from the pandemic shock to the economy, as labor shortages and supply chains issues result in supply not being able to keep up with the post-pandemic consumer demand for goods and services.
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