Consumer prices surged 6.8 percent in the year leading into November and 0.8 percent last month alone as a roaring economy overwhelmed struggling supply chains and fueled inflation, according to data released on Friday by the Labor Department, The Hill reported. The consumer price index (CPI), a closely watched gauge of inflation, rose sharply in November as retailers, warehouses, suppliers and shipping companies scrambled to meet intense demand. Economists expected the CPI to rise 0.7 percent in November and 6.7 percent annually after year-over-year inflation rose to 6.2 percent in October, the highest rate in 30 years. Prices rose broadly across the economy, the Labor Department said, with prices for gasoline, shelter, food and vehicles driving much of the increases. Inflation earlier in the year was driven almost entirely by vehicles, electronics and other goods constrained by a global computer chip shortage but has now spread through many sectors.
