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Consumer inflation is up 6.8% in the past year, the highest increase since 1982

gas prices
Posted at 9:40 AM, Dec 10, 2021

WASHINGTON — Prices for U.S. consumers jumped 6.8% in November compared with a year earlier as surging costs for food, energy, housing and other items left Americans enduring their highest annual inflation rate since 1982.

The Labor Department also reported Friday that from October to November, prices jumped 0.8%.

Inflation has been intensifying pressure on consumers, especially lower-income households and particularly for everyday necessities.

It has also negated the higher wages many workers have received, complicated the Federal Reserve’s plans to reduce its aid for the economy and coincided with flagging public support for President Joe Biden.

According to a new poll from The Associated Press-NORC Center for Public Affairs Research, two-thirds of Americans say their household costs have risen since the pandemic, compared with only about a quarter who say their incomes have increased.

Roughly a quarter report that their incomes have dropped.

According to NPR, a growing number of businesses have found that consumers are willing to pay higher prices. Dollar Tree recently said they are raising the average price tags at its stores to $1.25 after years of selling most items for $1.

In addition, a survey from the National Federation of Independent Businesses says 57% of firms are raising prices, while just 6% are cutting prices.