A key inflation measure just hit a nearly four-decade high

A key inflation measure just hit a nearly four-decade high
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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.

American incomes also rose last month, but not as quickly as prices.

Total incomes rose by 0.4%, or $90.4 billion, while disposable incomes also increased by 0.4% last month, corresponding to $70.4 billion.

But consumer spending outgrew both income measures, rising 0.6%, or $104.7 billion as people were busy shopping for the holidays.

This is a developing story. It will be updated

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