Newly-released data from the U.S. Bureau of Labor Statistics (BLS) showed that inflation is skyrocketing at an even faster rate than predicted as it climbed to a nearly 40-year high.

BLS said in a statement, “The all items index rose 6.8 percent for the 12 months ending October, the largest 12-month increase since the period ending June 1982.”

The Wall Street Journal reported:The so-called core price index, which excludes the often-volatile categories of food and energy, climbed 4.9% in November from a year earlier. That was a sharper increase than October’s 4.6% rise, and the highest rate since 1991.