This is bad news for President Joe Biden, who announced last month that reversing the inflation trend would be his “top priority”.
Consumer prices continued to rise, reaching 6.8% last month compared to November 2020, after a 6.2% rise in October, according to the CPI index released Friday by the Labor Department. It was in line with analysts’ expectations.
As in October, it was energy prices that increased the most in the 12-month period (+ 33.3%).
If volatile food and energy sectors are excluded, inflation remains strong (+ 4.9%).
With respect to the previous month, it slowed slightly: + 0.8% compared to + 0.9% in October. But the figure is higher than analysts’ projections (+ 0.6%), a sign that inflation is persistent.
The measurement was made before the emergence of the omicron variant of covid-19, a new threat to the global economic recovery and in the United States.
Source From: Ambito
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