Inflation Reaches 40-Year High

Inflation jumped to the highest level since 1982, new data released Friday shows, as supply chain problems, consumer demand and rising housing costs catalyze the rate of increase.

The Consumer Price Index climbed by 6.8 percent in the year through November, the New York Times reports. After taking out food and fuel, which can move a lot from month to month, inflation increased 4.9 percent.

Prices were up .8 percent from October, slightly slower than the previous monthly increase.

Earlier this year, price increases were seen mainly in goods - cars, furniture, etc. Shipping ports also became clogged due to high demand in imports from around the world.

Demand for goods is still strong thanks to COVID-19.