Inflation Surges to 40-Year High

The annual inflation rate last month reached its highest level in nearly 40 years, according to Friday's Bureau of Labor Statistics report.

In November, prices were 6.8 percent higher than they were the year prior, according to the report. That price jump marks the highest 12-month rate of inflation since 1982.

Much of the inflation is concentrated in the energy sector, where the price of gasoline is up nearly 60 percent, the highest annual increase in 41 years. Food prices have also risen significantly, particularly beef, which is 20 percent more expensive than it was a year ago.

The dismal inflation numbers come at a time when the Biden administration lacks public confidence in its handling of the economy. An October poll found that 62 percent of registered voters attribute the high inflation rates of recent months to President Joe Biden's policies.