New data indicates that consumer prices rose 5.7% over the past year. That’s the fastest increase in the consumer spending price index recorded since July 1982 — more than 39 years ago. Kitco News reports gold prices have been able to hold critical gains above $1,800 Thursday morning after the data was released. Reports show the U.S. inflation rate rose 6.8% since last November. The Guardian has created a breakdown explaining exactly how much prices have gone up.


CNN Business/Anneken Tappe
A key inflation measure just hit a nearly four-decade high

Prices remain high in America, and inflation shows no sign of slowing down anytime soon.

A key measure of US inflation rose 5.7% in the 12 months ended in November, the Bureau of Economic Analysis said Thursday. It was the fastest increase in the consumer spending price index since July 1982.

For anyone hoping there would be an end to the exorbitant climb in prices before year-end, this was a disappointment.
Prices rose 0.6% last month, less than the 0.7% increase from October. Excluding volatile food and energy costs, prices rose 0.5%, unchanged from the prior month.

Read the full story, here.


Kitco News/Neils Christensen
Gold price holding above $1,800 as Fed’s preferred inflation measure core PCE jumps 4.7% in November

The gold market continues to hold steady gains above $1,800 an ounce as inflation pressures continue to rise.

On a monthly basis, the core PCE price index was up 0.5% last month, the U.S. Department of Commerce said on Thursday. The inflation data was hotter than expected as consensus forecasts were calling for a 0.4% rise.

On an annual basis, core PCE jumped 4.7%, up from last month’s reading at 4.2%.

The core inflation strips out volatile food and energy prices and is the U.S. central bank’s preferred inflation measure.

The gold market has been able to hold critical gains above $1,800 through what has been a busy morning for economic data. December gold futures last traded at $1,810.80 an ounce, up 0.48% on the day.

The report said that headline inflation rose 0.6%, in November, down following October’s rise of 0.7%. Economists note that lower energy prices last month help to contribute to the month-over-month drop.

You can read the full story, here.


The Guardian/Aliya Uteuova, Andrew Witherspoon, and Alvin Chang
America got more expensive in 2021. Who is really paying the price? – a visual explainer

Americans have paid higher prices for everything from utilities to groceries in 2021. But as the specter of inflation haunts the US economy for the first time in decades, it has been the poorer members of society who have suffered the most, a phenomenon economists are calling “inflation inequality”.

The US inflation rate rose 6.8% since last November, according to labor department data, the highest annual increase in nearly 40 years. Those price increases have been largely driven by essential goods and services: transportation, energy, housing and food.

The headline figure of 6.8% doesn’t tell the full story. Not everything got more expensive. Airline fares, eyeglasses and medicinal drugs stayed relatively stable or even got more affordable. But several essential goods and services skyrocketed in price.

Continue reading, here.












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