American consumers shelled out a lot more for basic essentials last month like food, fuel, and shelter, as inflation in the world’s largest economy continues to surge.
How much higher will prices climb?
For months now, blistering inflation has been a hallmark of this year’s global economic rebound from last year’s COVID-19 blow. And in the United States – the world’s largest economy – price pressures continue to accelerate at a pace not seen for three decades.
US consumer prices jumped a blistering 6.2 percent in October from the same period a year ago, the US Department of Labor said on Wednesday. That is the fastest pace since 1990 and blew past many analysts’ already dour inflation estimates.
On a monthly basis, the Consumer Price Index (CPI) increased 0.9 percent in October, after rising 0.4 percent in September.
Supply chain bottlenecks and shortages of raw materials and workers are driving prices ever higher for US businesses, which…