US consumer prices increased at the fastest pace in nearly 40 years in November, piling more political pressure on the Biden administration as it seeks support for a massive spending plan.
The consumer price index, published by the Bureau of Labor Statistics on Friday, rose 6.8 per cent last month from a year ago — the fastest annual pace since 1982 and a significant pick-up from the 6.2 per cent rate in October.
Inflation has become a thorny political issue for the White House, weighing on President Joe Biden’s approval ratings as well as the electoral prospects for his Democratic party during next year’s midterm elections.
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