According to brand new numbers, the CPI (Consumer Price Index) soared to 6.8 percent in November, the highest rate of inflation since 1982.
The Details: The core consumer price index, which excludes prices for food and energy, rose to 4.9 percent in November.
Prices rose 0.8 percent month over month from October’s numbers.
The numbers mark the six straight month of rising inflation, causing Federal Reserve Chairman Jerome Powell to now retire the term ‘transitory’ as a descriptor for the phenomenon.
Why it Matters: The Biden Administration has come under increasing pressure over the rapid rise of inflation, with many voters feeling financially squeezed as they witness their real purchasing power decrease.
What People are Saying: