Consumer Prices Rise 6.8%

The Consumer Price Index has seen its largest 12-month increase in nearly four decades, according to recently released federal data.
How to Maintain Profit When Supplier Prices Rise

The Consumer Price Index rose 6.8% between November 2020 and November 2021, the largest 12-month increase since the period ending June 1982, according to data from the U.S. Bureau of Labor Statistics.

Energy prices rose 33.3% over the last year, while food prices increased 6.1%.

Gasoline prices rose 58.1%, the largest increase since April 1980. Fuel oil prices increased sharply, rising 59.3%. Natural gas prices rose 25.1% over the last 12 months, and electricity prices rose 6.5%, according to the BLS.

Prices for all items other than food and energy rose 4.9%.

Used cars and trucks (31.4%) and new vehicles (11.1%, the largest 12-month increase since the period ending December 1974) “were among the greatest increases in prices in this category for the year ended November 2021,” the BLS said.

Prices that rose less dramatically included rent of primary residence (3%) and medical care (2.1%). The only major component index to decline over the past year was airline fares, which fell 3.7%.

These data came from the Consumer Price Index program and were not seasonally adjusted.

November 2021’s wholesale prices were up 9.6% from one year ago, the largest increase since 12-month data were first calculated in 2010, according to the U.S. Bureau of Labor Statistics.

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