Bidenflation: Price Increases Soar To 30-Year High, Outpace Economist Predictions

U.S. inflation hit its highest year-over-year surge in more than 30 years last month, according to the Department of Labor.

The consumer price index, a basket of products economists use to track overall changes in price, surged 6.2% from October 2020 to last month, the fastest annual rate since 1990. Inflation during the month of October alone surged 0.9%, driving the year-over-year rate above the 5.9% that economists predicted. Monthly inflation in October was expected to clock in at 0.6%, according to CNBC.

Sectors of the economy hardest hit include fuel, used vehicles, and food. As CNBC reported:

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.

MacroPolicy Perspectives senior economist Laura Rosner-Warburton told The Wall Street Journal that the United States is entering a period of particularly high inflation.- READ MORE