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ASPartOfMe
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10 Nov 2021, 9:58 am

U.S. consumer prices jump 6.2% in October, the biggest inflation surge in more than 30 years

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Inflation across a broad swath of products that consumers buy every day was even worse than expected in October, hitting its highest point in more than 30 years, the Labor Department reported Wednesday.

The consumer price index, which is a basket of products ranging from gasoline and health care to groceries and rents, rose 6.2% from a year ago. That compared to the 5.9% Dow Jones estimate.

Stripping out volatile food and energy prices, so-called core CPI was up 0.6% against the estimate of 0.4%. Annual core inflation ran at a 4.6% pace, compared to the 4% expectation and the highest since November 1990.

Fuel oil prices soared 12.3% for the month, part of a 59.1% increase over the past year. Energy prices overall rose 4.8% in October and are up 30% for the 12-month period.

Food prices also showed a sizeable bounce, up 0.9% and 5.3% respectively. Within the food category, meat, poultry, fish and eggs collectively rose 1.7% for the month and 11.9% year over year.

The price increases meant that workers fell further behind.

Shelter costs, which make up one-third of the CPI computation, increased 0.5% for the month and are now up 3.5% on a year-over-year basis, pointing to more reasons for concern that inflation could be more persistent than policymakers anticipate.


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DW_a_mom
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10 Nov 2021, 5:19 pm

I don’t think most of us needed the report to tell us. Crossing our fingers it doesn’t get much worse.


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Dox47
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10 Nov 2021, 5:32 pm

DW_a_mom wrote:
I don’t think most of us needed the report to tell us. Crossing our fingers it doesn’t get much worse.


Right? I make quarterly Costco runs, and the difference three months made in prices was shocking, I buy almost the same stuff every time so a 1-1 comparison was easy.


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ASPartOfMe
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10 Nov 2021, 5:46 pm

Maybe a PPR remark but I think the inflation(and the related supply shortages) was an underpublicized cause of the Republican wave last Tuesday. Everybody is affected by inflation. I might be wrong but I believe this is the first thread about it, if not the first comments.

DW_a_mom wrote:
Crossing our fingers it doesn’t get much worse.

I am not an economist by any means but I believe it will get much worse. Once it gets going it is a bastard to tame. It feeds on itself.


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DW_a_mom
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10 Nov 2021, 6:18 pm

ASPartOfMe wrote:

DW_a_mom wrote:
Crossing our fingers it doesn’t get much worse.

I am not an economist by any means but I believe it will get much worse. Once it gets going it is a bastard to tame. It feeds on itself.


You aren’t wrong about the way it trends, but much of the current inflation can be tied to specific and temporary supply chain issues. In theory, that is an effect that could reverse, or at least stabilize.

The pay scale correction in the service sector is longer term and will spiral a bit, but I don’t think (I could be wrong) that was a big piece this time around.


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cyberdad
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10 Nov 2021, 6:56 pm

I hate to say this, but the current inflation seems to be a temporary rise and not due to Trump's policies.

Mt Trump gets a pass on domestic economic management
https://www.factcheck.org/2021/10/trumps-final-numbers/

See! I'm not biased :D