https://www.npr.org/2021/11/10/1054019175/inflation-surges-to-its-highest-since-1990
The Labor Department reported Wednesday that consumer prices were 6.2% higher in October than a year ago. That's the sharpest increase since November of 1990.
Price increases were widespread, with energy, shelter, food and vehicles all costing more. Excluding volatile food and energy costs, prices were up 4.6%
Much of the upward pressure on prices is the result of a mismatch between booming demand and limited supply, as businesses struggle to find both parts and workers.
Many employers have increased pay in order to attract more workers. But growing paychecks have quickly been eroded by the rising cost of gas and groceries.
"For families, they're feeling it right now," says Mary Daly, president of the Federal Reserve Bank of San Francisco. "If you got to a grocery store, you buy food that you usually buy, you then fill your gas tank on the way home so you can go to work or take your kids to school, you're feeling this."
"When you then look at the winter coming and you realize your fuel bill for heating your home is going to rise as the winter comes, you're nervous," she added.
https://www.nytimes.com/2021/11/10/business/economy/consumer-price-inflation-october.html
Submitted November 10, 2021 at 11:19AM by GloBoy54 https://ift.tt/3wyBT09
