BREAKING: Inflation rises 7.1% in November, consumer prices remain near multi-decade high
Scorching-hot inflation has created severe financial pressures for most U.S. households, which are forced to pay more for everyday necessities like food and rent. The burden is disproportionately borne by low-income Americans, whose already-stretched paychecks are heavily impacted by price fluctuations.
Shelter costs, which account for about 40% of the core inflation increase, rose 0.6% for the month and are up 7.1% over the past year, the fastest annual increase since 1982. Rent costs jumped 0.6% over the month and 7.2% on an annual basis. Rising rents are a concerning development because higher housing costs most directly and acutely affect household budgets. Another data point that measures how much homeowners would pay in equivalent rent if they had not bought their home, climbed 0.
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