New data from the U.S. Bureau of Labor Statistics (BLS) out Wednesday showed that consumers paid 2.7% more for essentials like shelter, food, and energy in November compared to the same time last year.
The Bureau reported that the consumer price index (CPI), a key measure of inflation and price changes, rose by 0.3% from October to November. That’s more than the 0.2% that the CPI rose from September to October.
The key driver of the increase was the 0.3% monthly uptick in shelter costs, which BLS stated comprised close to 40% of the monthly increase for all items.
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