Lofty oil and natural gas prices played outsized roles in fueling spikes in inflation this year. November proved no exception, with price increases reaching a pace last recorded nearly four decades ago.

inflation

The U.S. Bureau of Labor Statistics (BLS) said Friday the consumer price index surged 6.8% in November from the same month a year earlier, marking the fastest rate since 1982 and the sixth consecutive month of inflation above 5%.

November energy prices soared 33% from a year earlier — far more than any other category tracked by the BLS — and jumped 3.5% from October. The cost of gasoline at the pump was up more than 58% over the past 12 months, according to the federal report.  

Energy commodities – chiefly oil and gas – climbed 5.9% month/month in November and 57.5%...