Inflation hits 6.2%, its largest year-over-year increase in over 30 years.
The latest Consumer Price Index for October recorded a 6.2 percent increase, year over year, according to data released Wednesday by the Bureau of Labor Statistics.far outpaced economists’ expectations of a 5.9 percent spike. October's data represents a continuation of months of markedly faster rising prices, compared to levels the U.S. economy has seen in recent years.
“Inflation hurts Americans pocketbooks, and reversing this trend is a top priority for me," President Joe Biden said in a statement Wednesday morning. Nearly 60 percent said that grocery stores were where they saw the most dramatic price increases, according to an October survey of US consumers by Bank of America Global Research, followed by restaurants and takeout.
Loose monetary policy from the nation’s central bank and infusions of government stimulus have helped heat up prices, economists say.
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