Annual inflation is running at the hottest pace in nearly four decades as widespread supply disruptions, extraordinarily high consumer demand and worker shortages fuel rapidly rising price increases.

Prices soared by 5.7% in the year through November, according to the Personal Consumption Expenditures price index data released Thursday morning. That topped the previous month’s rate of 5%, becoming the fastest pace increase since February 1982, when the gauge hit 6.17%.

Excluding the more-volatile measurements of food and energy, prices rose 4.7% in November from the previous year – the highest since 1982. That measurement is the Federal Reserve’s preferred gauge to track inflation; their target range is around 2%.

In the one-month period between October and November, prices jumped 0.6% (0.5% when excluding food and energy costs).

The inflation spike largely reflected surging energy costs, which rose 34% from a year ago, and food costs, which were up 5.6% over that same time period. Services inflation rose by 4.3% in November, and goods inflation increased 8.5% – up from the 7.6% pace a month prior, the data shows.