BREAKING: Prices for U.S. consumers jumped 6.8% in November compared with a year earlier as surging costs for food, energy, housing and other items left Americans enduring their highest annual inflation rate since 1982.
The result has been price spikes for goods ranging from food and used vehicles to electronics, household furnishings and rental cars. The acceleration of prices, which began after the pandemic hit as Americans stuck at homes flooded factories with orders for goods, has spread to services, from apartment rents and restaurant meals to medical services and entertainment.
Oil prices have been declining modestly and leading, in turn, to slightly lower gasoline prices. A gallon of gas is averaging $3.38, according to AAA, down from $3.42 a month ago. The average cost to heat a home this winter will be an estimated $972, said Mark Wolfe, executive director of the National Energy Assistance Directors Association. That’s less than the $1,056 his group had projected in October, though still higher than the average $888 consumers paid to heat homes last year.
Still, analysts caution that unexpected developments, including heavy winter storms, with potentially increased demand for energy, could send energy prices surging again.
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