{"id":60927,"date":"2021-12-13T08:39:48","date_gmt":"2021-12-13T13:39:48","guid":{"rendered":"https:\/\/olduvai.ca\/?p=60927"},"modified":"2021-12-13T08:39:48","modified_gmt":"2021-12-13T13:39:48","slug":"inflation-soared-to-6-8-in-november","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=60927","title":{"rendered":"Inflation Soared to 6.8% in November"},"content":{"rendered":"
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Inflation Soared to 6.8% in November<\/a><\/h3>\n<\/div>\n
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Inflation is soaring with no end in sight. The Consumer Price Index rose 0.8% in November, marking a 6.8% increase in inflation YoY. According to the Labor Department, this is the fastest pace of inflation since June 1982. In addition, Core-CPI rose 0.5% last month, amounting to a 4.9% annual increase, the quickest advancement since 1991.<\/p>\n

Energy prices alone have spiked 33.3% in the past year, and gasoline prices are up 58.1%. Over the past 12 months, food and energy prices rose at the most rapid pace in 13 years. Shelter costs, amounting to one-third of CPI, rose 3.8% on an annual basis. This level has not been seen since the 2007 housing crisis wreaked havoc on the US real estate market.<\/p>\n

Despite pay increases of 4.8% this year, real hourly earnings decreased 1.9% over the past 12-months. Service costs rose at the fastest pace since 2007 as well, advancing 3.4% over the past year. Apparel costs are also up by 5% since last November. Everywhere you look, prices are drastically rising.<\/p>\n

Overall, the cost of living is astronomical. Basic necessities such as food and shelter price increases have caused more middle-class Americans to begin living paycheck to paycheck. The Federal Reserve claimed it would step in if inflation reached an unsustainable level. A 6.8% increase is unsustainable, inflation is not transitory, and neither the government nor the Fed has made\u00a0a valid effort to control this growing problem.<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Inflation Soared to 6.8% in November Inflation is soaring with no end in sight. The Consumer Price Index rose 0.8% in November, marking a 6.8% increase in inflation YoY. According to the Labor Department, this is the fastest pace of inflation since June 1982. In addition, Core-CPI rose 0.5% last month, amounting to a 4.9% […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[5496,32294,172,21424,17791,5479,538,13351,3650],"class_list":["post-60927","post","type-post","status-publish","format-standard","hentry","category-economics","tag-armstrong-economics","tag-consumer-pricefed","tag-cpi","tag-energy-price","tag-index","tag-martin-armstrong","tag-money-printing","tag-price-inflation","tag-us-federal-reserve"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/60927","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=60927"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/60927\/revisions"}],"predecessor-version":[{"id":60928,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/60927\/revisions\/60928"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=60927"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=60927"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=60927"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}