The U.S. Bureau of Labor Statistics (BLS) announced on Friday that the Consumer Price Index (CPI) has again risen in November — to a level not seen since 1982 — as prices continue to spike due to inflationary pressure that President Biden has insisted is "transitory."
In November, the CPI rose 0.8 percent following the metric's 0.9 percent increase in October. In the last 12-month period, the CPI has risen 6.8 percent — an increase higher than any seen since the 12-month period that ended in June 1982.
Price increases over last year (CPI report)...
— Charlie Bilello (@charliebilello) December 10, 2021
Gasoline: +58.1%
Used Cars: +31.4%
Gas Utilities: +25.1%
Meats/Fish/Eggs: +12.8%
New Cars: +11.1%
Overall CPI: +6.8%
Electricity: +6.5%
Food at home: +6.4%
Food away from home: +5.8%
Apparel: +5%
Transportation: +3.9%
Shelter: +3.8%
The BLS data release explained that the nearly 40-year high for inflation hitting Americans "was the result of broad increases in most component indexes, similar to last month" and broke down the major increases:
The indexes for gasoline, shelter, food, used cars and trucks, and new vehicles were among the larger contributors. The energy index rose 3.5 percent in November as the gasoline index increased 6.1 percent and the other major energy component indexes also rose. The food index increased 0.7 percent as the index for food at home rose 0.8 percent.
The index for all items less food and energy rose 0.5 percent in November following a 0.6-percent increase in October. Along with shelter, used cars and trucks, and new vehicles, the indexes for household furnishings and operations, apparel, and airline fares were among those that increased.
On the flip-side, the BLS reported that the costs for "motor vehicle insurance, recreation, and communication all declined in November," so technically not everything is more expensive — just a majority of the things Americans need and use every day.
As observers pointed out, Friday's CPI data for November was not the Christmas present for which the Biden administration was likely hoping.
Not the holiday news the WH was looking for: The Consumer Price Index increased 0.8% in Nov. and 6.8% in the last year with gas, shelter and food prices the biggest contributors. It's the largest 12 month increase in inflation in nearly 40 years https://t.co/UHgJVzv8iM
— Emily Goodin (@Emilylgoodin) December 10, 2021
While the White House has tried to brag about cost reductions on certain items — most notably an alleged 16-cent savings on Independence Day barbecues and two-cent price reduction at the gas pump — there's no denying that Americans are feeling the pain caused by inflation as more of their income is eaten up by rising prices.
As CNBC and other outlets have reported in recent months as Biden's supposedly temporary inflation sticks around and breaks decades-old records, any wage increases (often heralded by the Biden administration as supposed proof that its economic policies are good for American workers) have been wiped out by inflation.
Take, for example, October's data. The Department of Labor said that average hourly wages were up 0.4 percent. But in the same month, the top-line inflation metric jumped 0.9 percent. Quick and rather obvious math shows that workers actually saw a 0.5 percent decrease in real average hourly earnings — a reality that doesn't sound like "building back better."