US: Inflation haunts consumers as food, gas prices see massive gains

Consumers in the US are having to pay more for food, gas and a range of goods with consumer prices witnessing the largest annual gain since 1982.

U.S. consumer prices rose solidly in November as Americans paid more for food and a range goods, leading to the largest annual gain since 1982, posing a political nightmare for President Joe Biden's administration and cementing expectations for the Federal Reserve to start raising interest rates next year. For the next time someone tells you that US inflation is somehow unique, special or anyone's fault.(via @charliebilello) #CPI pic.twitter.com/RQ89zoIyKU

The report from the Labor Department on Friday, which followed on the heels of a slew of data this month showing a rapidly tightening labor market, makes it likely the U.S. central bank will announce that it is speeding up the wind-down of its massive bond purchases at its policy meeting next week.