Inflation reaches 39-year high

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A driver fills a tank at a gas station Friday, Dec. 10, in Marysville, Washington. Consumer prices rose 6.8% for the 12 months ending in November, a 39-year high. Many economists expect inflation to remain near this level a few more months but to then moderate through 2022 for a variety of reasons. And they don’t see a repeat of the 1970s or early 1980s, when inflation ran above 10% for frighteningly long stretches. (AP Photo/Elaine Thompson, File)
Stan Choe and Cathy Bussewitz The Associated Press NEW YORK (AP) – Inflation is painfully high, with consumer prices rising 6.8% for the 12 months ending in November, a 39-year high. Many economists expect inflation to remain near this level a few more months but to then moderate through 2022 for a variety of reasons. And they don’t see a repeat of the 1970s or early 1980s, when inflation ran above 10% for frighteningly long stretches. Households could even see relief in some areas within weeks. Prices have dropped on global markets for crude oil and natural gas, which is filtering into lower prices at the pump and for home heating. That should keep inflation somewhat in check, even if prices keep rising elsewhere in the economy. To be sure, economists say inflation will
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