* Overall consumer prices rose 6.8% in November from a year ago, the biggest annual gain since 1982
* Consumer price index jumped 0.8% on the month, down slightly from October's gain of 0.9%
* 'Inflation is going to get worse before it gets better,' one analyst warns as supply chain crisis continues
* Soaring inflation has become a political liability for Biden, who is urging journalists to be more favorable
* Administration officials have been holding secret briefings pleading for better coverage on the economy
The US inflation rate has hit its highest level in nearly 40 years, adding woes for consumers and compounding the issue as a political liability for President Joe Biden.
The consumer price index rose 0.8 percent last month after surging 0.9 percent in October, the Labor Department said on Friday.
It pushed annual inflation to 6.8 percent in November, the highest increase since June 1982 and well above October's 6.2 percent annual rate.
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Update #1: Inflation surged 6.8% in November, even more than expected, to fastest rate since 1982 (CNBC)
Update #2: US consumer inflation up 6.8% in past year, most since 1982 (AP)
WNU Editor: Some are saying the US economy is booming .... Biden is delivering the fastest economic recovery in history. Why hasn't anyone noticed? (Max Burns, The Hill). I say remove the $120 billion the Fed is pumping into the system each month and adjust GDP growth according to inflation and tell me that everything is OK.
7 comments:
inflation is world-wide. blame ?
Easy, the Democrats.
Dumbass: "inflation is world-wide. blame ?"
"When the U.S. sneezes, the world catches a cold. What happens when it has severe COVID-19?"
China has such a large economy that it is not like it was in the 1990s or 2000s. Still when Democrats force the shut down of the economy and the Eurotrash follow suit, then yes there will be slump followed by reckless spending and then by inflation.
So yes, I blame Democrats.
An illustrious il-lit idiot might fell 'differently'
I blame the fed for a great deal of this chaos.
If inflation is up worldwide, then no person oer party in our nation to blame. Question: what after being critical, does GOP plan and propose to do? Sort of like their soon to be forthcoming health plan: nothing
The Jussie Smollet answer.
Responsible?
1) Pro Lockdown. Lockdown was for 2 weeks to enable hospitals to prepare for the cold virus and flatten curve. Then the goalposts were moved from 2 weeks to 2 years.
2) Unbalanced budgets. Unbalanced budgets as proposed by Keynes are probably okay. They are for the short term to fill in troughs. They are not be perpetual.
Joe is not going to get his social infrastructure monstrosity. But a lot of damage has been done when the government told people they could not work and then paid them for not working.
Pretty much the work of the Democrats not the Republicans
Pretty much the work of socialist and statists world wide.
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