Inflation surged to 6.8% for the year ending in November, the Bureau of Labor Statistics reported this morning. That puts inflation at a 40-year record high.

“Inflation is outpacing increases in household income and weighing heavily on consumer confidence, which is at a decade low. It is only a matter of time before it impacts consumer spending in a material way,” Bankrate chief financial analyst Greg McBride told the Washington Examiner.