This post was curated from Black News Channel (bnc.tv)
Consumer prices went up 6.8% in the month of November, which is the highest since 1982, according to The Hill. The consumer price index (CPI) went up in that same month as warehouses, retailers, shipping companies and suppliers did their best to meet demand.
Economists had projected the CPI to go up 0.7% in November and 6.7% yearly after year-over-year inflation rose up to 6.2% in October, which was the highest rate in three decades, according to The Hill.
Even though the rise of inflation in November was predictable, the upward pressure on prices is a huge burden on cash-strapped families and could impact President Joe Biden and Democrats.
Biden and his party have pointed out the main points of recovery from the COVID-19 recessions, which was supported by the $1.9 trillion stimulus bill the president signed back in March.
“Economic growth is stronger here than virtually any other nation. Americans have more money in their pockets than this time last year – $100 more each month than last year – even after accounting for price increases. But we have to get prices and costs down before consumers will feel confident in that recovery. That is a top goal of my administration,” President Biden said in a statement.
Economists believe that inflation will start to ease in the following year as the global economy shakes off the COVID-19 pandemic, according to The Hill. The rise in inflation was driven by prices for food, vehicles, gasoline and shelter.
The price surge could also impact President Biden’s “Build Back Better” plan being given the thumbs up from Democrats.