A 'slow-motion car crash': Industry reacts to US inflation hitting 40-year high

6.8% year-on-year rise

US inflation figures for November coming in at a 40-year high depict a “slow-motion car crash” for the world’s largest economy, according to some investment professionals, who warn the data, while in line with expectations, will be “grabbing economic and political attention” across the globe.

According to figures released today (10 December), the US headline Consumer Price Index rose 6.8% during November on a year-on-year basis, marking the highest inflationary rise since 1982. The index also saw its largest 12-month increase in 30 years, having ticked up 4.9% over the last year, while also jumping 0.8% during November alone. Core CPI increased by 0.5% during the month and by 4.9% year on year. The largest contributor has been rocketing energy prices, which have increased by 33.3% over the last year. Meanwhile, the cost of food has seen its largest price increase since ...