U.S. consumer prices rose last month at the fastest annual pace in nearly 40 years, magnifying how rapid and persistent inflation is eroding paychecks and increasing pressure on the Federal Reserve to tighten monetary policy.
The consumer price index climbed 6.8% from November 2020, according to Labor Department data released Friday. The widely followed inflation gauge rose 0.8% from October, exceeding forecasts and extending a trend of sizable increases that began earlier this year.
The median forecasts in a Bloomberg survey of economists called for a 6.8% annual gain and a 0.7% advance in the monthly measure. The yield on 10-year Treasuries slid while S&P 500 index futures gained and the dollar was little changed as the figures were generally not worse than expected.
