The SteveWire

ECONOMY: Inflation Hits 30-Year High

Inflation hit 0.9% in October, 6.2% across the last 12 months, the highest in three decades. Energy-related inflation was 30.0% percent across the last 12 months, with the food index increasing 5.3% over that time frame.

CashFactors impacting inflation include supply shortages and consumer demand, even as inflation reportedly undermines consumer confidence. Supply shortages, in turn, have been impacted by supply chain disruptions and transportation backlogs.

Figures released Nov. 10, 2021, by the U.S. Bureau of Labor Statistics reveal that the Consumer Price Index (CPI) rose 0.9% percent in October for All Urban Consumers (CPI-U), on a seasonally adjusted basis, rising 6.2 percent across the last 12 months, not seasonally adjusted.

Seasonally adjusted price increases were broad-based, especially among food, energy, shelter, food, and new and used vehicles.

The energy index rose 4.8 percent over the month, with the gasoline index increasing 6.1% and the other major energy indexes also rising. The food index increased 0.9 percent. As mentioned above, the energy index rose 30.0% over the last 12 months, the food index 5.3%.

The index for all items less food and energy rose 0.6% in October, compared with a 0.2% increase in September.

Most component indexes increased, such as prices for shelter, vehicles, medical care, household furnishings and operations, and recreation.

The 6.2% rise for the 12 months ending October, for the all items index, was the largest 12-month increase since November 1990.

Taking out food and energy, there was 4.6% rise over the last 12 months, the greatest since August 1991.

Additional Resources:

CPI for all items rises 0.9% in October as most indexes increase - BLS 11.10.21

Consumer prices for meats, poultry, fish, and eggs up 10.5 percent for year ended September 2021 - BLS 11.10.21

U.S. Inflation Reached 30-Year High in October; CPI rose at three-decade high 6.2%; supply shortages, strong consumer demand continue to push prices - WSJ 11.10.21

More companies hiking prices as inflation, supply chain woes continue - Fox 11.10.21

Inflation hits a 30-year high, as prices jump 6.2% in October - AP/Fortune 11.10.21

U.S. inflation jumps to 31-year high amid global supply chain crisis – as it happened - Guardian 11.10.21

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Key Words: Economy, Business, Inflation, Finance