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Where are surging consumer prices hitting Americans the hardest?
Does stock market really care if inflation remains hot?
The Fitz-Gerald Group principal Keith Fitz-Gerald, Simpler Trading director of ops Danielle Shay and Harris Financial Group managing partner Jamie Cox discuss CPI expectations on ‘Making Money.’
American households are grappling with the fastest price increases in nearly four decades, with the cost of everything from cars to gasoline to food soaring in November, the Labor Department reported Friday.
The consumer price index, which measures a bevy of goods ranging from gasoline and health care to groceries and rents, jumped 6.8% from the year-ago period – the highest since June 1982. It toppled the previous month's high of 6.2%. From October to November, prices climbed 0.8%.
"November pricing data offered no relief for American households as energy and transportation costs continued to drive prices higher," said Joe Brusuelas, chief economist at RSM.
The jump in consumer prices is even more pronounced as Americans start planning for the holidays with travel, elaborate meals and presents.
Here's a closer look at where consumers are feeling the pinch on their wallets:
Energy costs surged 7.5% in the span of the one-month period from October to November and 33.3% from last November, with cost increases widespread across the sector.
Prices for gasoline (58.1%) and heating oil (34.3%) have soared over the past year, largely due to severely lopsided supply and demand: Americans are traveling more, but the supply side has not kept up with the demand.