U.S. inflation rate soars to 39-year high of 6.8%


The cost of living is increasing at its fastest pace in almost 40 years right now, with data out of the U.S. on Friday showing the country’s inflation rate hit 6.8 per cent last month.

The Bureau of Labour Statistics said Friday that higher costs for gasoline, shelter, food and new and used vehicles were the biggest factors in pushing the rate to its highest point since June of 1982.

While the number was in line with what economists were expecting, the figure is nonetheless impressive. Inflation has skyrocketed around the world in recent months, as government stimulus spending has coupled with record-low interest rates and soaring demand for consumer goods.

Canadian data for November is not yet available, but it, too, is expected to rise from the 18-year high of 4.7 per cent it hit last month.

More to come.

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