Most single-year inflation since 1982.
On Friday, the Labor Department released updated numbers for the Consumer Price Index which monitors the prices of goods that the average person regularly purchases in the United States. Between October and November, consumer prices rose by 0.8%, and 6.8% since this time last year. The last time inflation was at such a level was June of 1982 after the oil crisis that took place that year.
This increase largely comes from the increased prices of food, used vehicles, electronics, furniture, rental cars, and most substantially energy prices. Federal Reserve Chairman Jerome Powell expressed surprise that inflation continued at such a substantial rate. He noted that the Federal Reserve would likely reign in its low-interest rates in the future to help slow inflation.
As the Lord Leads, Pray with Us…
- For officials in the Labor Department to seek the Lord for an understanding of the economy.
- For the Federal Reserve members to have wisdom in endeavoring to slow the rate of inflation.
- That the president’s administration would be discerning in addressing the U.S. economy.
Sources: AP, Fox News, CNN
