Americans are facing the highest jump in consumer prices in 39 years as November inflation statistics show that costs continue to soar, with noticeable increases in the prices of many goods and services, Fox News reported. The surge in costs of everyday life has become a part of the economic recovery, according to experts. With the consumer price index rising 6.8 percent in November, according to Labor Department statistics released on Friday, inflation is now increasing at a level not seen since June 1982, when it was at 7.1 percent. Core prices also rose 4.9 percent in November, a significant increase over October, when they rose 4.6 percent. The measure has not been that high since 1991. November prices increased across the board, with energy jumping 3.5 percent, up 33.3 percent over last year. Gasoline is sitting at 58.1 percent higher than in 2020. Food prices have risen 6.1 percent. Car and vehicle prices have risen 31 percent. The Labor Department calculated that the increase was the biggest surge in annual figures in 13 years. Before the release of the November data, President Joe Biden sought to lessen its importance. In a Thursday statement, Biden said that the figures did not take into account the decrease in gas prices and that his $1.7 trillion spending plan would lower prices. "Fortunately, in the weeks since the data for tomorrow's inflation report was collected, energy prices have dropped," Biden said. "The information being released tomorrow on energy in November does not reflect today's reality, and it does not reflect the expected price decreases in the weeks and months ahead, such as in the auto market." (Israel National News' North America desk is keeping you updated until the start of Shabbat in New York. The time posted automatically on all Israel National News articles, however, is Israeli time.)
