Recent economic studies show that U.S. consumers are still dealing with high prices, and it does not look like inflation will slow down anytime soon.
The Bureau of Economic Analysis announced Thursday that a key measure of US inflation rose 5.7% from November 2020 until November 2021. It was the most rapid increase in the consumer spending price index since July 1982.
Market Watch reports that prices rose 0.6% in November, less than the 0.7% increase from October. Besides volatile food and energy costs, prices rose 0.5%, unchanged from the prior month.
Though American incomes also increased last month, they didn't rise as swiftly as cost-of-living prices.
Total incomes rose by 0.4%, or $90.4 billion, and disposable incomes also increased by 0.4% last month, corresponding to $70.4 billion.
Interestingly, consumer spending outgrew both income measures, rising 0.6%, or $104.7 billion as people spent money during the holiday season.