WASHINGTON, Nov 11 (NNN-XINHUA) – U.S. inflation remained elevated in Oct, as supply chain disruptions persisted for months, surging to the highest level in three decades, the Labour Department reported yesterday.
The consumer price index (CPI) soared 0.9 percent in Oct, after rising 0.4 percent in Sept, according to the latest report released by the department’s Bureau of Labour Statistics.
Over the past 12 months through Oct, the index increased 6.2 percent, up from the 5.4 percent pace for the 12-month period ending Sept, the bureau said. It marks the largest 12-month increase since the period ending Nov, 1990.
Excluding the volatile food and energy components, the so-called core CPI rose 0.6 percent in Oct, after increasing 0.2 percent in Sept.
Over the past 12 months through Oct, the core CPI climbed 4.6 percent, the largest 12-month increase, since the period ending Aug, 1991, according to the report.
The energy index, in particular, soared by 30.0 percent over the last 12 months, and the food index increased 5.3 percent.
“Goods consumption remains elevated, compared to its pre-COVID trend, and surging goods prices pushed inflation to the highest pace in decades,” Sarah House and Michael Pugliese, economists at Wells Fargo Securities, wrote in an analysis.
“In addition, supply has not recovered across the entire economy, most predominately when it comes to labour,” they noted.– NNN-XINHUA
