US consumer prices up 5.7% over past year, fastest in 39 years

With every trip to the grocery store and gas pump eating away a little more of their paychecks, people have less left over for discretionary purchases

U.S. consumer spending, adjusted for inflation, stagnated in November as the fastest price gains in nearly four decades eroded purchasing power. 
 

Purchases of goods and services, after adjusting for higher prices, were little changed following a 0.7% gain in October, Commerce Department figures showed Thursday. Unadjusted for inflation, so-called nominal spending rose 0.6%, matching the median estimate of economists.

Underlying the spending figures are a series of crosscurrents. Buffeted by headlines about snarled supply chains, many Americans started their holiday shopping earlier than usual this year, helping to explain the strong advance in the prior month.

But consumers are also