According to the government, consumer prices in the United States increased at a rate not seen in nearly 40 years last month, highlighting how inflation is threatening the world’s largest economy and President Joe Biden’s public support.
Prices for fuel, used vehicles, rent, food, and other products continued to rise, with the consumer price index (CPI) up 6.8% from November of last year, the highest gain since June 1982, according to the Labor Department.
Despite the fact that the report offered hints that the inflation wave may be cresting, it remains a political problem for the president, as the Republican opposition has used it to criticise his economic policies.
Biden replied that the study ignored recent drops in energy and used car costs, two major drivers of this year’s high inflation figures, and that supply chain inefficiencies that have pushed prices higher are being addressed.
