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Inflation surged 6.8% in November, even more than expected, to fastest rate since 1982
  • Inflation rose 6.8% from a year ago in November, slightly higher than estimates according to the consumer price index released Friday.
  • Excluding food and energy, the CPI increased 4.9%, in line with expectations.
  • Surging prices for food, energy and shelter accounted for much of the gains.

Inflation accelerated at its fastest pace since 1982 in November, the Labor Department said Friday, putting pressure on the economic recovery and raising the stakes for the Federal Reserve.

The consumer price index, which measures the cost of a wide-ranging basket of goods and services, rose 0.8% for the month, good for a 6.8% pace on a year over year basis and the fastest rate since June 1982.

Excluding food and energy prices, so-called core CPI was up 0.5% for the month and 4.9% from a year ago, which itself was the sharpest pickup since mid-1991.

The Dow Jones estimate was for a 6.7% annual gain for headline CPI and 4.9% for core.

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