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U.S. prices climbed 6.2 percent in October compared to last year, largest increase in 30 years, as inflation strains economy

It’s unclear when supply chains will clear, especially given how vulnerable the economy remain to the pandemic

Consumer prices in the U.S. rose 6.2 percent in October compared with a year ago, the largest annual increase in 30 years, as inflation continues to weigh on the economy and is lasting longer than policymakers at the Fed and White House anticipated heading into the end of the year, the Washington Post reports.

Data released Wednesday by the Bureau of Labor Statistics showed that prices rose 0.9 percent in October compared with September, a higher-than-expected jump, tying June for the biggest one-month increase in prices this year.

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.

Yet, inflation expanded to other categories, increasing throughout the economy, with the BLS noting “broad-based” higher prices for energy, shelter, food, used cars and trucks and new vehicles among the larger contributors.

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