Inflation in the USA rose again in November, particularly because of energy costs. Compared to the previous month, consumer prices rose by 0.8 percent.

Consumer prices in the US are currently rising rapidly. This is also the case in this pizza restaurant in New York.

 In the USA prices are rising faster than they have been for 40 years

The Department of Labor announced on Friday in Washington that consumer prices increased by 6.8 percent compared to the same month last year.

According to analysts, rising energy prices are primarily responsible for the high costs.

That's what

  • is aboutInflation in the US is 6.8 percent, the highest it has been in almost 40 years.

  • The US Federal Reserve's inflation target is two percent.

  • Half of the price hike in November was due to cars and energy costs, according to US President Joe Biden.

US inflation accelerated further from a high level in November. Consumer prices increased by 6.8 percent compared to the same month last year, as the Department of Labor announced in Washington on Friday. This is the highest inflation rate since 1982. Analysts had expected this rate. In the previous month it was 6.2 percent. Compared to the previous month, consumer prices rose by 0.8 percent. An increase of 0.7 percent was forecast here.

The rate is thus even more clearly above the US Federal Reserve's inflation target of two percent. The Federal Reserve has long viewed the increased inflation as a temporary development determined by special corona factors. Federal Reserve Chairman Jerome Powell recently indicated that this view is no longer tenable.

Exploded energy costs are to blame

US President Joe Biden said: “Today's numbers reflect the pressure that economies around the world are facing as we recover from a global pandemic – prices are rising.” Developments after the collection of the latest data showed, however, “that the rise in prices and costs is slowing down, even if not as quickly as we would like it to be”. Cars and energy costs accounted for half of the price hike in November. Since then, energy prices have fallen significantly.

Nevertheless, the price increases continued to weigh on American families' budgets, admitted Biden. But there are successes in the fight against the pandemic-related bottlenecks in supply chains, “and I expect further progress in this area in the coming weeks”. He called on the Congress to adopt its billion dollar package with investments in social and climate protection, which should bring relief to families.

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By Teresa Tapmleton

Teresa Tampleton has been a reporter on the news desk since 2018. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Nizh TEkegram, Teresa Tampleton worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my teresa@ntelegram.com 1-800-268-7341

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