Investors wary that high inflation will erode the value of their money may want to act fast.
Inflation soared 6.8% year-over-year in November to highest rate since 1982, the Labor Department said Friday. The consumer price index, which measures the cost of a wide-ranging basket of goods and services, rose 0.8% for the month.
“Inflation is outpacing increases in household income and weighing heavily on consumer confidence, which is at a decade low,” said Greg McBride, chief financial analyst at Bankrate.com. “It is only a matter of time before it impacts consumer spending in a material way.”