Consumer Price Index rose 0.8% in November, compared to previous month

The Labor Department reported Friday the U.S. consumer price index rose 0.8% in November, compared to October.

Wall Street expected the index to reflect a 0.7% gain for November, according to CNBC.

The increase indicates a 6.8% pace on a year over year basis and the fastest rate since June 1982, the news outlet also reports.

The index gauges inflation by measuring the cost of dozens of items from such everyday goods as gasoline and ground beef to more unique purchase like flowers and pet supplies.