Government, Retail News, ET Retail

0


Consumer prices in the United States rose again in October, rising 6.2% from the same month last year as costs rose for a range of items, the government said on Wednesday.

This is the largest annual increase in the Consumer Price Index (CPI) since November 1990 and due to higher prices for gasoline, automobiles and food, according to data of the Department of Labor.

The CPI rose 0.9% from September, more than double the increase from the previous month and higher than analysts’ expectations.

The data underscored the continued challenge posed by inflation as the world’s largest economy recovers from last year’s pandemic downturn, and struggles with a scarce workforce and booming supply chains that have driven up prices.

Gasoline prices rose 6.1% last month, and used cars and trucks, which have seen a sharp increase in the past year, soared 2.5% after dropping in the last year. during the previous two months. Fuel oil jumped a whopping 12.3%.

Prices for in-home food, such as groceries, increased 1%, while out-of-home food, which is restaurant meals, increased 0.8%.

Rental prices rose 0.5% in the housing category.

Food and energy prices are volatile, but even excluding these goods, the CPI rose 0.6 percent last month from the 0.2 percent increase in September.

Compared with October 2020, the “core” CPI rose 4.6%, its largest 12-month increase since August 1991, according to the report.


Share.

Leave A Reply