Omicron hits UK economy as dining out tumbles; US PCE inflation hits 39-year

A key measure of US inflation rose 5.7% in the 12 months ended in November, the Bureau of Economic Analysis said Thursday. It was the fastest increase in the consumer spending price index since July 1982. For anyone hoping there would be an end to the exorbitant climb in prices before year-end, this was a disappointment.

Prices rose 0.6% last month, less than the 0.7% increase from October. Excluding volatile food and energy costs, prices rose 0.5%, unchanged from the prior month.

American incomes also rose last month, but not as quickly as prices. Total incomes rose by 0.4%, or $90.4 billion, while disposable incomes also increased by 0.4% last month, corresponding to $70.4 billion.