Inflation has just hit a 30-year high and prices for these goods are rising the fastest
U.S. Inflation hit a 30-year high in October.
The consumer price index, a measure of the prices of goods and services from groceries to automobiles, rose 6.2% year over year, the US Bureau of Labor Statistics (BLS) reported Wednesday.
It’s the biggest 12-month surge in consumer goods since November 1990, the agency says.
This won’t come as a surprise if you have recently visited the mall. The price of everything from popular snacks to new couches is going up, before the holiday season starts, shoppers are paying more for toys, Christmas trees and more this year.
Inflation has been rising for months, thanks in part to a global supply chain disaster that resulted in bottlenecks and price hikes over the Christmas season. Businesses also face a labor shortage that has led them to pass the cost on to consumers.
Month to month prices rose 0.9% in October after rising 0.4% in September.
A few products have contributed significantly to this leap, reports BLS. Energy prices rose 4.8% and gasoline 6.1%. Heating oil prices rose by 12.3% in October.
Meanwhile, food prices rose 0.9%. Used car prices rose 2.5% in the month (26.4% for the year) and new cars rose 1.4% in October – the seventh consecutive monthly increase – and 9.8% in the year, the largest 12- Month increase since May 1975, the office said.
“When costs rise, they inevitably get passed on to consumers,” Alla Valente, senior analyst at research firm Forrester, previously told Money.
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