Inflation causes highest price increases in 30 years

by sam

Samuel Case, FISM News

 

The U.S. Bureau of Labor Statistics released it’s Consumer Price Index Summary on Wednesday, in which the Bureau confirmed what many American families already knew: inflation is out of control. 

The report shows that prices in the month of October alone rose by nearly 1%, after having already risen by nearly half a percentage point (0.4%) in September. The Bureau also indicated that consumers have seen a startling 6.2% price increase within the last 12 months, making for the largest 12-month increase since 1990.

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.9 percent in October on a seasonally adjusted basis after rising 0.4 percent in September, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, The price index for all items increased 6.2 percent before seasonal adjustment.

Food prices, in particular, rose 0.9% in October, following an identical increase in September. In total, the “food at home index” rose by 5.4% within the past 12 months. This comes as the Thanksgiving holiday meal is expected to be the most expensive on record. 

Meanwhile, prices at the at pump are rising as well. The Bureau report shows gas prices rose 6.1% in October, which the report says is the “fifth consecutive monthly increase.” The national gas price average sits at $3.417 as of Thursday. In late October, one California town saw regular unleaded gas cost $7.59 and premium at nearly $8.50.

According to Mark Zandi, chief economist at Moody’s Analytics, the average American household has been forced to pay an additional $175 in gas, food, and housing in recent months due to inflation.  “That’s the equivalent of a full grocery, electric or cellphone bill,” Zandi told the New York Post.

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