American consumers can see the rapid increase in the price of most of the commodities.
According to the latest figures from the Bureau of Labor Statistics, The consumer price index (CPI) rose 6.8% in the year to November Petrol prices jumped 6.1%, while the cost of second-hand cars, rent, and food also rose.
However, the monthly pace of price rises at 0.8% in November was slightly lower than October’s 0.9%.
While the Rising inflation is putting pressure on President Biden’s political agenda as he tries to pass his $1.9tn (£1.4tn) social spending bill.
On Thursday, the president made the unusual move of attempting to diffuse the impact of the latest figures ahead of their release, saying the data would not reflect recent declines in the price of energy and used cars.
The information being released tomorrow on energy in November does not reflect today’s reality, and it does not reflect the expected price decreases in the weeks and months ahead, such as in the auto market,” the president said.
Inflation has become a potentially damaging political issue for President Biden. It affects ordinary voters directly. And some economists blame the president’s spending programs designed to offer support amid the Covid pandemic, for exacerbating price increases.