WASHINGTON: US consumer prices continued to surge in November, climbing 6.8% compared to the same month in 2020, the biggest jump since June 1982, the government said Friday.
The leap in the consumer price index (CPI) was caused by increases in a wide range of items, including a 6.1% jump in gasoline prices, while rents, used car and food costs also increased, according to the Labour Department.
However, there were signs of a crest in the wave of inflation that has pushed prices higher as the US economy recovered this year from the COVID-19 downturn.
Compared to October, CPI rose 0.8%, seasonally adjusted, slightly slower than the prior month's rate but above analysts' forecasts.
Many categories saw prices either flatline or decline slightly last month.
The increase in gas prices was the same as in October, while food prices rose 0.7%, less than the month prior, according to the data.
Shelter prices rose by the same level as in October at 0.5%, while used cars, which have grown costly this year in part due to a global semiconductor shortage that has hampered automobile production, climbed 2.5%, also the same as the prior month.
With the volatile food and energy components excluded, CPI rose 0.5% compared to the 0.6%jump in October. That was in line with analysts' forecasts.
In the latest 12 months, "core" CPI jumped 4.9%, according to the report.
Deals signed for energy sector reforms, social protection, urban infrastructure, road sector, and water resources
Finance Division lowers the rate of petrol by Rs5 to Rs140.82 per litre; prices to come into effect from Dec 16
The reluctance of SBP to intervene in foreign exchange market to ease the pace of the currency's decline triggers a...
Monetary Policy Committee met today for the first time after Pakistan reached a staff-level agreement with the IMF
The price of diesel is expected to be cut down by Rs9 per litre for next fortnight, sources say
Shaukat Tarin confirms that a $3 billion Saudi deposit has been received by the State Bank of Pakistan