The Consumer Price Index surged 6.2% in October compared to last year, the single biggest leap in nearly 31 years.
“Inflation across a broad swath of products that consumers buy every day was even worse than expected in October, hitting its highest point in more than 30 years, the Labor Department reported Wednesday,” reports CNBC. “The consumer price index, which is a basket of products ranging from gasoline and health care to groceries and rents, rose 6.2% from a year ago, the most since December 1990. That compared with the 5.9% Dow Jones estimate.”
Today’s report shows an increase over last month on inflation. Reversing this trend is a top priority.
My Infrastructure bill will bring down costs by reducing bottlenecks and I urge Congress to pass my Build Back Better Act — which will ease inflationary pressures.
— President Biden (@POTUS) November 10, 2021
“Inflation is clearly getting worse before it gets better, while the significant rise in shelter prices is adding to concerning evidence of a broadening in inflation pressures,” said Seema Shah, chief strategist at Principal Global Investors.
The United States’ GDP slowed to 2% in the third quarter, raising even more questions about the economic recovery under President Joe Biden and Democratic leaders in Congress.
The Chief Executive claims his Build Back Better plan will help “drive-down” inflationary pressures if passed.
Read the full report at CNBC.