At the same time, Americans proved their resilience in different ways. They paid more across the board for necessities like food and gas, putting pressure on holiday shoppers’ budgets. In fact, consumer prices rose 5.7% over the past year, the fastest pace in 39 years, as a surge in inflation confronts Americans with the holiday shopping season under way. The November increase, announced Thursday by the Commerce Department, followed a 5.1% rise for the 12 months ending in October, continuing a string of annual price increases that have been above the 2% inflation target set by the Federal Reserve.
