The Labor Department reported Friday the U.S. consumer price index rose 0.8% in November, compared to October. The increase marks a 6.8% increase over the previous year, the department also reported, marking the highest annual inflation rate since June 1982.
Wall Street expected the month-to-month index to reflect a 0.7% gain for November, according to CNBC.
Under the Biden administration, the CPI increased 0.9% in October, compared to the previous month.
The index report from the department’s Bureau of Labor Statistics gauges inflation by measuring the cost of dozens of items from such everyday goods as gasoline and food to pet food to new and used vehicles.