Consumer prices up 5.7 percent over past year, fastest in 39 years

[mystery-ak]

Consumer prices up 5.7 percent over past year, fastest in 39 years
By Martin Crutsinger | The Associated Press - 12/23/21 09:36 AM EST

WASHINGTON (AP) — U.S. consumer prices rose 5.7 percent over the past year, the fastest pace in 39 years, as a surge in inflation confronts Americans with the holiday shopping season under way.

The November increase, reported Thursday by the Commerce Department, followed a 5.1 percent rise for the 12 months ending in October, continuing a string of annual price gains that have run well above the 2 percent inflation target set by the Federal Reserve.

Consumer spending, which accounts for 70 percent of U.S. economic activity, rose 0.6 percent in November, a solid gain but below the 1.4 percent surge in October.

Personal incomes, which provide the fuel for future spending increases, rose 0.4 percent in November, slightly lower than the 0.5 percent increase in October. Both gains came after a 1 percent plunge in incomes in September, the month that government benefit programs such as expanded unemployment benefits came to an end.

The big jump in the Commerce Department's price gauge was similar to the rise in the consumer price index, up 6.8 percent for the 12 months ending in November, also the biggest surge by this measurement in 39 years.

more
https://thehill.com/homenews/wire/587080-consumer-prices-up-57-percent-over-past-year-fastest-in-39-years

[Kamaji]

Here it comes.

[mountaineer]

Thanks To Supply Chain Bottlenecks, IKEA To Hike Prices By 9% This Year
By  Ben Zeisloft
Jan 2, 2022   DailyWire.com

As global supply chain problems persist, Swedish furniture maker IKEA plans to hike its prices.

CNN Business reported:

    Ikea said prices at its stores will increase by an average of 9% around the world to help offset significant transportation and raw material costs incurred by Ingka Group, which owns and operates most of Ikea stores worldwide.

    With its do-it-yourself philosophy embodied in its virtually staff-free showrooms to its flat-packed furniture, Ikea has become synonymous with low prices and value. Despite surging costs during the pandemic, Ikea stores had largely kept prices stable. But, as commodity and shipping prices continued to surge, the company said it was no longer able to absorb that damage to its bottom line.

“Unfortunately, now, for the first time since higher costs have begun to affect the global economy, we have to pass parts of those increased costs onto our customers,” IKEA retail operations manager said in a statement, according to CNN Business. “Our intention is to give back to the customer any decrease in purchase prices we get.” ... More at Daily Wire

[catfish1957]

Just ran my 2022 budgetary numbers, and my costs will be up 10.47% this year, on Jan 1. basis.

CPI numbers from Biden are outright lies.  Anything they are reporting?  Pretty much double it.

[IsailedawayfromFR]

Just ran my 2022 budgetary numbers, and my costs will be up 10.47% this year, on Jan 1. basis.

CPI numbers from Biden are outright lies.  Anything they are reporting?  Pretty much double it.

Neither surprises me, costs going up that much or Biden lying.

Effectively, cash one has is devalued by 10%.  Not a terrific return on your savings.

[catfish1957]

Neither surprises me, costs going up that much or Biden lying.

Effectively, cash one has is devalued by 10%.  Not a terrific return on your savings.

So many of today's young haven't gone through an inflationary economy of any substance.  Boy are they in for a surprise.  Inflation is the double whammy grim reaper of the economic world.  Eats into your buying power, while depleting your net worth.

[rustynail]

Nothing to worry about most people have COLAs?

[catfish1957]

Nothing to worry about most people have COLAs?

COLA's as in an example of like SSI? 
Don't forget, 90% of the financial community does a "wink wink" at Biden's CPI numbers.  A 5% COLA pretty much sucks when the overall actual inflationary rate is somewhere between 10-15%.

[mountaineer]

Wasn't this year's Social Security COLA around 5 or 6 percent, then they raised the price of Medicare premiums by 14%?