Inflation isn’t going anywhere fast — but prices certainly are. The latest Consumer Price Index for October recorded a 6.2 percent increase, year over year, according to Wednesday’s release from the Bureau of Labor Statistics.
That’s higher than the 5.4 percent increase seen last month, and is its largest increase in over 30 years, continuing months of markedly faster rising prices compared to what the U.S. economy has seen in recent years.
The greatest month-to-month increases were seen in food, up 0.9 percent, energy, up 4.8 percent, and shelter rising .5 percent. Used cars and trucks reversed a late summer decline and rose 2.5 percent, and new vehicles notched up 1.4 percent.
There were a few decreases, with airline fares falling 0.7 percent and alcoholic beverages down 0.2 percent.
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