Over the past year, consumer prices have risen by 6.8%, according to the new seasonally adjusted data released by the Bureau of Labor Statistics. That marks the highest year-over-year increase since 1982.
Since October, prices have increased by 0.8%. The rise in prices was spurred by gasoline, which was up by 6.1% compared to October and 58.1% since November 2020.
The cost of used cars and trucks increased by 2.5%, while new vehicles were 1.1% more expensive. Food costs increased by 0.7%, with pork leading the way with a 2.2% increase, followed by meat, poultry, fish, and eggs, which were all up by 0.9%.
The cost of shelter rose by 0.5%, while the rent increased by 0.4%.
The fast pace of inflation is being driven by many factors, including ongoing issues with the supply chain, increased consumer demand, loose monetary policies, and the coronavirus pandemic.
“Inflation matters very much for those at the lower ends of the income and wealth spectrums,” Mark Hamrick, senior economic analyst for Bankrate, said, according to NBC News. “It is a kind of double blow to lower-income households, which suffered from the short but dramatic recession as the pandemic began, serving to exacerbate both wealth and income inequality.”