How has the price of necessities increased over the past year? Fuel: +60% Groceries: +6.4% Rent: +3%
The numbers: The cost of living climbed again in November and drove the rate of U.S. inflation to a nearly 40-year of 6.8%, putting more pressure on households as they confront rising prices of gas, food, cars, rent and so forth.
A string of higher-than-expected inflation readings since the summer is likely to push the Fed to speed up plans to phase out stimulus for the economy by the early spring, several months earlier than it had planned.Worried about the economic and political consequences, the White House has also moved to try to help untangle knots in the U.S. supply chain that are contributing to high inflation. Many goods and materials are in short supply and prices have risen as a result.
Soaring inflation is outstripping the biggest increase in worker wages in decades. Inflation-adjusted hourly pay was 1.9% lower in November compared to a year ago. Paychecks aren’t buying as much as they used to buy. The big unknown is how much inflation slows. The Fed predicts the rate of price increases will fall below 3% toward the end of 2022, but some economists think inflation won’t recede so quickly.
Rents had been relatively stable during the pandemic, but they have risen 3% in the past year and are likely to keep climbing. Shelter is the biggest expense for most households.
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