Posted on 11/10/2021 6:43:57 AM PST by mykroar
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.
On a monthly basis, the CPI increased 0.9% against the 0.6% 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.
Used vehicle prices again were a big contributor, rising 2.5% on the month and 26.4% for the year. New vehicle prices were up 1.4% and 9.8% respectively.
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.
(Excerpt) Read more at cnbc.com ...
Hyperinflation is defined as a sustained 50% increase month over month...
Fed’s CPI target for 2021 was 1.8%, now it’s 6.2%, is that more than 50%? hmmm
Vote Democrat!
We have real Jo-Mentum now!
Inflation, heating prices, supply chain problems, vaccine mandates and firings, and COVID-19 fear porn.
Don’t worry, Yellen says it’s nothing to worry about. Move along.
#BidenEffect
Kinda makes that 6% S.S. raise that we haven’t even gotten yet look puny.
It’s looking like the stuff in SloJoe’s pants is going to hit the fan.
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Very soon the ruling Marxist cabal rule take the price of gasoline out of the consumer price index.
ONLY three years and two months more of Biden... Let's hope we still have a country when our 'sentence' is up...
Let's go Brandon...
Don’;t worry, it’s only temporary.</sarc>
Transitory
Oh, I’m sure everyone’s salary increased by more than 6.2% in October. Right?
“Very soon the ruling Marxist cabal rule take the price of gasoline out of the consumer price index.”
I believe neither gasoline or food is in the index since they are volatile.
Bull! This spike is the worst in my memory and I was in my 30s thirty years ago!
That’s what we’re all saying. You know and I know that the US productivity is based on cheap energy (fossil fuels). We’ve always produced more with an energy unit than anyone else. To discourage use jack up the price til it hurts.
You can complain all you want but Joe’s doing what he said he would.
Feb 08, 2020 · Joe Biden said during a rally this week that he wants to “get rid of fossil fuels.” Biden said: “We are going to get rid of fossil fuels.”
Promises made. Promises kept.
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