President Joe Biden enjoys bragging about his “achievements,” such as becoming the first woman, black, Indian, or any combination of the preceding three descriptors. But Biden and the mainstream media have said little if anything about a study issued last week on the Consumer Price Index for November 2021.
The Consumer Price Index for All Urban Consumers rose 0.8 percent on a seasonally adjusted basis in November, after rising 0.9 percent in October, according to the US Bureau of Labor Statistics. Before seasonal adjustments and price fluctuations, the all goods index increased by 6.8 percent in the previous year.
Following increases of 0.9 percent in September and October, the food index grew by 0.7 percent in November. All six of the leading grocery store food group indices increased for the third month in a row. Last month, the energy index increased by 3.5 percent after climbing by 4.8 percent in October, while the medical care index increased by 0.2 percent.
After remaining constant in October, the Consumer Federation of America’s motor vehicle insurance index declined 0.8 percent in November. The recreation index fell 0.2 percent in November after climbing for the previous nine months, while the communication index fell as well. Perhaps due to COVID-19 and its aftermath, most individuals didn’t drive or exercise as much as expected and maybe even communicated less.
According to the Department of Labor, consumer prices in the United States rose at the fastest annual rate in more than 40 years in October. The core CPI rose by 4.9 percent year on year, setting a new 30-year high. Separate data showed that inflation-adjusted average hourly wages fell 1.9 percent, the steepest drop in six months.