Gas Up 58%, Meat Up 13%: Inside The Newest Record-Breaking Inflation Report
The Daily Wire
On Friday, the Bureau of Labor Statistics revealed that consumer price inflation in the United States has reached a rate of 6.8% — the largest year-over-year increase since June 1982, as well as the sixth straight month in which inflation remained above 5%.
Inflation is the erosion of a currency’s purchasing power over time. More dollars chasing fewer goods implies a diminished value for each dollar — resulting in pinched budgets for Americans who do not experience wage increases to match the rising price levels.
As summarized by CNBC, the following are some of the largest consumer price jumps between November 2020 and November 2021:
Gas — 58.1%
Used vehicles — 31.4%
Hotels — 25.5%
Meat, poultry, and fish — 13.1%
Furniture and bedding — 11.8%
New vehicles — 11.1%
Domestic services — 10.2%
Jewelry — 6.7%
Electricity — 6.5%
Food — 6.1%
Apparel — 5%
Milk — 4.6%
Fruits and vegetables — 4%
