US inflation has hit a 39-year high in the latest sign of a cost of living squeeze for consumers in the world’s biggest economy.
Figures from America’s Bureau of Labor Statistics (BLS) showed consumer price index (CPI) inflation hit 6.8% last month, the biggest year-on-year surge in prices since June 1982.
The reading, which was in line with expectations, was up from 6.2% in October.
Federal chair Jerome Powell has been taken aback by the persistence of inflation
Prices climbed across the board, with fuel prices, housing, food and cars among the bigger contributors, the report said.
An index of eating out prices showed a 5.8% increase, its highest rate since January 1982, while food eaten at home saw its sharpest year-on-year rise since December 2008.
Fuel prices were up by 58.1% on the same period in 2020 – the biggest annual rate of increase since…