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Consumer Prices Up 5.7% Over Past Year, Fastest In 39 Years

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FILE - Customers debate on a television selection during a Black Friday sale at Best Buy, Friday, Nov. 26, 2021, in Indianapolis. U.S. consumer prices rose 5.7% over the past year, the fastest pace in 39 years as a surge in inflation battered Americans as the holiday shopping season was getting under way. (AP Photo/Darron Cummings, File)

(AP) — U.S. consumer prices rose 5.7% over the past year, the fastest pace in 39 years as a surge in inflation battered Americans as the holiday shopping season was getting under way.

The November increase, reported Thursday by the Commerce Department, followed a 5.1% rise for the 12 months ending in October and kept up a trend of annual price gains running well above the 2% inflation target set by the Federal Reserve. Thursday’s report showed that consumer spending, which accounts for 70% of economic activity, rose 0.6% in November, a solid gain but below the 1.4X% surge in October.

Personal incomes, which provide the fuel for future spending increases, rose 0.4% in November, slightly lower than the 0.5% increase in October..

 

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