U.S. inflation surges to 39-year high as consumer prices continue to soar

Consumer prices surged at the fastest pace in nearly four decades in November as Americans paid more for practically everything from groceries to cars to gasoline, contradicting claims from some quarters that the current historic inflationary trend is “transitory.”

Inflation

Megan Henney for FOXBusiness:

The consumer price index rose 6.8% in November from a year ago, according to a new Labor Department report released Friday. The CPI – which measures a bevy of goods ranging from gasoline and health care to groceries and rents – jumped 0.8% in the one-month period from October.

Economists expected the index to show that prices surged 6.8% in November from the year-ago period and 0.7% from the previous month.

Jeff Cox for CNBC:

Excluding food and energy prices, so-called core CPI was up 0.5% for the month and 4.9% from a year ago, which itself was the sharpest pickup since mid-1991.

Energy prices have risen 33.3% since November 2020, including a 3.5% surge in November. Gasoline alone is up 58.1%.

Food prices have jumped 6.1% over the year, while used car and truck prices, a major contributor to the inflation burst, are up 31.4%, following a 2.5% increase last month.

The Labor Department said the increases for the food and energy components were the fastest 12-month gains in at least 13 years.

Shelter costs, which comprise about one-third of the CPI, increased 3.8% on the year, the highest since 2007 as the housing crisis accelerated.

MacDailyNews Take: A healthy U.S. economy, consumer confidence, and consumer spending are essential to Apple, as America is Apple’s largest market, by far.

‘Tis best to get a handle on inflation, if you know how, while you still can.MacDailyNews, May 11, 2021

Inflation is repudiation. — Calvin Coolidge

When a business or an individual spends more than it makes, it goes bankrupt. When government does it, it sends you the bill. And when government does it for 40 years, the bill comes in two ways: higher taxes and inflation. Make no mistake about it, inflation is a tax and not by accident. — Ronald Reagan

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34 Comments

    1. Orange Man is not in office, HELLO… brain dead much? Try to keep up with the rest of the class on current events.

      Buffoon Biden and Incompetent Harris OWN THIS!

      When I think of a first time politician winning the most powerful office in the world on his first try with ZERO political experience — how President Trump turned around the economy in a few short years is nothing short of HISTORY MAKING and truly REMARKABLE.

      President Trump exposed the Washington Swamp for what it is, Biden like so many other career politicians, spent five decades in office with his hands out enriching himself solving almost NOTHING and running the debt into the ground to an all time high.

      Biden cannot figure out how to tie his shoelaces and as we see daily has ZERO policies to deal with his own incompetence on the economy, gas prices, border, supply chain, et al.

      Biden’s political career cannot come soon enough he will be officially put out to political pasture in 2024.

      BRING…IT…ON!!!…

      1. Time to wake up Mr Right wing cultist! Trump is responsible for thousands of COVID-19 deaths and attempted to overthrow democracy. He should be jailed if not worse…..

        1. actually a CCP China level 4 bio weapon lab “leak” is responsible for over 5,295,146 deaths and over $11.7 trillion in lost wealth. Think of all social and economic damage the virus has caused to future generations; depression, suicide, lost opportunity, lives that will never be the same.

          Now its clear that no single political leader could have changed the covid outcome, To blame the orange man at this stage is willful ignorance or a lie. Heck even with 3 vaccines and a populous bent at the knee Biden has no power to stop the flow, Biden has recorded more deaths under his watch than trump. So no neither Biden or Trump can do anything more than ride it out.

          But what Biden could do, at this point, is demand accountability from the CCP.

          Its amazing how the people so willing to blame their political enemy have zero interest in the actual cause of the pandemic. It seem common sense to put at least equal resources and accountability to the root cause of the covid pandemic as given to your political games.

          The CCP to this very day still refuses access to the ground zero of the pandemic outbreak and the original data. Its sad that the doctors and reporters behind the CCP firewall that risked their life, that are dead or still missing, to sound the alarm back in November of 2019 our forgotten.

          Tell the truth country joe the only reason you referenced the “thousands of COVID-19 deaths” is for political points. You actual dont care about the root cause of covid-19 any more then you do for justice for those deaths. You are the worse kind, peddling tragedy of politcal power.

        2. Except we all know there was no attempted overthrow. You need to turn off CNN. And we all know there are MORE covid deaths under Joe (WITH vaccines AND boosters) than under Trump. We all know that inflation, sky high crime and ZERO border control all happened on Joe’s watch (or lack of watch, as the case may be). Joe should be jailed if not worse…

          1. It is time for you to watch reality-based news rather than FOX and OANN BS! Trump has made the pandemic much worse by politicizing vaccines and viral mitigation strategies. Moreover, US COVID-19 deaths would have been double in 2021 than what has occurred under the Biden administration.

            1. I’m not sure what point you are trying to make… Covid deaths would have been double IF Trump had one? And you know this how? What we do know is that covid deaths are UP under Joe. This we know. You can play with what ifs and try to predict the future. Or you can just look around today and now.

            2. Brainless Joe, you don’t have facts and are spreading FALSE INFORMATION and outright LIES because you HATE Trump.

              REALITY CHECK: Trump did not have three vaccines like Biden they were being developed.

              Trump did not have $1.9 in Covid funding like Biden.

              Biden as of Jan 2022 over 240 million people vaccinated thanks to Trump’s Project Warp Speed.

              You want Trump in jail, for Covid deaths, chew on the facts: Covid deaths: Trump 220,000, Biden 613,000. You can’t politicize facts and should be in jail for false accusations.

              https://nypost.com/2022/01/02/with-more-covid-deaths-in-2021-when-does-trump-get-his-apology/

        3. NO! Time to wake up brainless Trump hating Mr. Left Wing. The virus from China killed people, not Trump and not Biden even though more Americans died in 11 months under his watch with THREE vaccines available. I’m always amused at cherry picking Leftists who have ZERO sense of REALITY…

      2. Based on what I’m reading, I’m expecting the nominal GDP to be +10% in 2022, and I’m investing accordingly. Sure, there will be some inflation, but the transient part has already peaked; the main question that the real experts are currently debating is if it will settle down to be 2% or 3%. Given what the Fed has said, they won’t push to try to lower it below 3% for awhile.

        In any event, nominal GDP was +10% last quarter and is expected to beat that slightly this quarter (4Q21); this amount of growth is expected to continue for 3-4 more quarters before the 2020 stimulus runs its course, which will make the 2022 midterm elections quite interestingly competitive, particularly in comparison to the post 2008 performance (yes, both Obama & Trump), all because of level of Keynesian stimulus pushed through while Trump was still in office…ironic.

      1. Inflation is at a 40 year high, but “The Republic is worth it.” Illegal border crossings are at an all time high, but “it is worth it.” Covid deaths (with Joe’s vaccines) are higher now than ever before, but “it is worth it.” Crime is out of control (mostly in liberal run cities), but “it is worth it.” College women’s swimming records are being shattered (by men), but “it is worth it.”

        If it doesn’t adjust, there will be no Republic left

      1. What big steal? What did he steal? When? Where? What was stolen? In which country do you live where there are “consequences” when no crime was committed?

  1. Mask and vax mandates, shutdowns, covid deaths, racist flight bans, uninvited guests from the south and crime sore as U.S. inflation sores to 39-year high as consumer prices continue to sore under Biden Administration.

      1. Yes, and so is smash and grab operations for Christmas presents pedaled hot on the internet and millions of illegals crossing the border illegally, UNTESTED for Covid because Fake Fauci said that is different, then flown to U.S. cities at taxpayer expense and released in the middle of the night.

        The INCOMPETENCE in Washington from our leaders is at an all time HIGH. God help us…

      1. Are you a racist, Black Americans (90% democrats) are by far the largest (per capita) unvaccinated ethic group. Your trivializing and misrepresenting the largest demographic of unvaccinated and then using their tragedy for political points and somehow linking that to Trump.

  2. It’s the Authoritarian (socialism/communism) 3 step.

    Step 1 – Destroy the economy making everyone or as many as possible completely dependent upon government handouts.

    Step 2- Use propaganda to create and encourage as much social/political dissension/fragmentation as possible so that no one may gather enough people/power to oppose you.

    Step 3- Demand total submission, obedience and loyalty to receive handouts in order to survive.

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