The core Consumer Price Index, the measure of the price of goods and services excluding food and energy, increased 0.5% in November, according to data released Friday.
Driving the news: The headline CPI figure, which measures the price of all items, rose 6.8% over the last 12 months, marking the biggest jump in 39 years.
– Overall prices rose .8% for the month, higher than the .7% increase expected by economists, according to Fact Set.
– The 0.5% monthly increase for the core CPI is aligned with economist predictions for a 0.5% uptick.
Between the lines: Energy prices rose 33.3% since November of last year, including a 3.5% increase in November.
– Gasoline prices alone also rose, with a 6.1% increase in November (the same increase as in October) and a 58.1% increase over the last 12 months.
– The price indexes for rent also rose 0.4% in November compared with the month before.
The big picture: Friday’s data from the Bureau of Labor Statistics comes after the inflation reading from last month revealed that price gains were picking up steam faster than expected.
– Overall prices in October were up 6.2% from a year prior.
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- Discussion
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🎯 Inflation persistence: Prices rise annualized 6.8% — biggest jump in 39 years … Charted: Great @axios graphic here: https://t.co/4oaSLaSSMm
— Mike Allen (@mikeallen) December 10, 2021
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