Inflation Soars to 31-Year High in October on Surging Energy Prices

Source: Bureau of Labor Statistics

American consumer prices grew by a 31-year high in October, with the growth broad-based recorded during the period.

• The Consumer Price Index for All Urban Consumers clocked in at 6.2% in October, up from 5.4% recorded in September.
• The latest reading is above the Fed’s target of 2% and the highest since November 2020.
• Inflation was highest in energy, which accelerated to 30.0%. Commodity prices jumped 49.5%, gasoline up 49.6%, and fuel oil by 59.1%.
• Used cars and truck prices jumped by 26.4%, while food prices increased by 5.3%.
• Core inflation stood at 4.6%, as most component indexes reported increases over the month.
• Increases were also seen in medical care, household furnishing and operations, and recreation.
• Declines were reported in airline fares, and for alcoholic beverages, among others.