Consumer prices surged 6.8% in the year leading into November and 0.8% last month alone as a roaring economy overwhelmed struggling supply chains fueling inflation. The consumer price index (CPI), a closely watched gauge of inflation, rose sharply in November. Economists expected the CPI to rise 0.7% in November and 6.7% annually as inflation rose to the highest rate in 30 years in October. Prices for gasoline, shelter, food and vehicles have driven much of the current inflation rate. Whereas, earlier this year, inflation was driven almost entirely by vehicles, electronics, and other goods affected by a global computer chip shortage but has now spread through many sectors.
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