The New York Times reports:
Consumer inflation surged in October as fuel costs picked up, supply chains remained under pressure and rents moved higher — bad news for economic policymakers at the Federal Reserve and for the Biden White House, which had been emphasizing a recent slowdown in price gains.
Inflation picked up to 0.9 percent last month from September, a Labor Department report showed, faster than the prior month’s increase of 0.4 percent and well above economists’ expectations. So-called core price gains, which strip out products like food and fuel, also accelerated.
Overall prices have climbed by 6.2 percent over the past 12 months, the fastest pace since 1990.
The Washington Post reports:
Forecasters expected a surge in October’s inflation data, in large part because of soaring gas and energy prices, plus ongoing supply chain backlogs in the used-car market. The energy index rose 4.8 percent in October compared to the month before, as the gasoline index increased 6.1 percent.
“Along with shelter, used cars and trucks, and new vehicles, the indexes for medical care, for household furnishing and operations, and for recreation all increased in October,” the report read. Measures for airline fares and alcoholic beverages were among the few to decline month to month.
Prices climbed 6.2% in October compared to last year, the largest annual increase in 30 years, as inflation strains economy https://t.co/NTLnBJPezj
— The Washington Post (@washingtonpost) November 10, 2021
Breaking News: Inflation in the U.S. surged in October, dashing Washington’s hopes that price gains would slow down. Consumer prices rose 6.2% last month from a year ago.https://t.co/mtOJOOkUKR
— The New York Times (@nytimes) November 10, 2021
BREAKING: Prices for U.S. consumers jumped 6.2% in October compared with a year earlier as surging costs for food, gas and housing left Americans grappling with the highest inflation rate since 1990. https://t.co/9VQXg65c2L
— The Associated Press (@AP) November 10, 2021