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Unless you haven’t checked the news today, you must know the big topic is inflation. Inflation in the U.S hit a three-decade high last month, rising at a 6.2% annual rate. The consumer price index rose at its fastest annual pace since 1990 and topped 5% for the fifth consecutive month. Sequentially, the CPI jumped 0.9% in October from September.
This was a much higher jump from September’s 0.4% increase. Inflation was driven by supply shortages and strength in consumer demand, which has pushed prices higher. Even core inflation, which excludes food and energy, rose 4.6% from the prior year.
