Consumer prices rise at fastest pace in 39 years

Staff Report
A shopper browses items in a Dollar Tree store in Alhambra, Calif. Known for its $1 items, price tags have increased to $1.25.

Consumer prices in the United States rose 5.7 percent over the past year, which was the quickest in 39 years.

The Commerce Department reported the November increase followed a 5.1 percent rise over the 12-month period. It outpaces the 2 percent inflation target set by the Federal Reserve.

The government also reported gross domestic product grew at an annual rate of 2.3 percent in the third quarter.

The Biden administration has cited the country's rapid re-opening as the cause of inflation. Opponents blame the administration's economic policies for rising prices.

Some suppliers have struggled to meet demand as prices have risen.