The November indicator stopped at 6.8%. Inflation in the United States exceeds 5% for the sixth month in a row.
Annual inflation in the United States accelerated to 6.8% in November 2021 from 6.2% in October. On a monthly basis, consumer prices increased by 0.8%, according to the data of the Ministry of Labor of the country.
Experts expected that the annual inflation rate would be 6.7%. Thus, last month, the growth rate of consumer prices in the United States was the fastest since 1982. As noted in the statement, in the United States, a significant increase in prices in November was observed for gasoline, housing, food, and vehicles.
In the United States, inflation exceeds the 5% mark for the sixth month in a row. According to analysts, such an increase in prices will lead to the fact that the U.S. Federal Reserve System, which performs the functions of the central bank, will reduce the treasury bond purchase program ahead of schedule and raise the base interest rate.
As U.S. President Joe Biden noted in a distributed written statement on Friday, these “figures reflect the pressure that economies around the world are facing as they exit the global pandemic – prices are rising.” He added that, according to the latest data, “the growth of prices and costs is slowing down, although not as fast as we would like.” So, in the United States in recent days, “there has been a significant decline in energy prices,” the American leader believes. The head of the White House stressed that his administration is “making progress in solving the problems associated with the pandemic in the supply chain” of goods to the country.
“Our economy – like the economies of other major countries – has been devastated by the pandemic,” Biden stressed, adding that “the pace of economic growth [in the U.S.] is higher than in almost any other country.” “But we have to lower prices and costs before consumers are confident in the economic recovery. This is the main goal of my administration,” the president concluded.
Last week, Managing Director of the International Monetary Fund Kristalina Georgieva said that the U.S. authorities should, first of all, take measures to combat inflation, they are optional for other countries. According to her, the global “picture of inflation is diverse – very different circumstances in different countries.”