Thursday, 20 January, 2022
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US consumer prices in Nov rise at fastest annual pace

US consumer prices in Nov rise at fastest annual pace

NEW YORK: US consumer prices in November rose at the fastest annual pace in almost 40 years, increasing pressure on the Federal Reserve to tighten monetary policy, the Labour Department reported.

The consumer price index (CPI) last month rose 0.8 per cent from the previous month and 6.8 per cent from a year earlier, the largest 12-month increase since the period ending June 1982, Xinhua news agency quoted the Department as saying on Friday, report agencies.

The so-called core CPI that excludes food and energy costs rose 4.9 per cent over the last 12 months, while the energy index rose 33.3 per cent over the last year and the food index increased 6.1 per cent, according to the Department.