Inflation surged 6.8% in November to fastest rate since 1982

WASHINGTON, D.C. – Bracing for another jump in inflation, President Joe Biden sought to reassure Americans on Thursday that rises in energy costs and other key goods were starting to ease, but said the change was not reflected in November data that came out Friday.

The Labor Department said that inflation went up by 6.8% year over year and that’s a pretty significant increase, the fastest since 1982.

Across the board, things got more expensive in almost every single category, especially gasoline, food, shelter, rent. Even things as basic as chicken up 9.2%, beef up 21%, gasoline prices up 58%, compared to this time last year.

Obviously, that’s a huge challenge now for the Biden administration. The president reacted and called these numbers a bump in the road. He’s blaming it on the supply chain issues that so many shoppers are continuing to see this holiday season.

Now the big question is what the Federal Reserve does next. What is Fed Chair Jerome Powell do next week when they announce what they plan to do about bond-buying and tapering off those purchases?

So there are a lot of big questions as inflation continues to hit hard, disproportionately hitting lower-income Americans, leaving a lot of questions for the White House.

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