| Consumer prices rise 0.9 percent in October, 6.2 percent in past year |
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| News |
| Written by The Hill Press |
| Wednesday, 10 November 2021 09:59 |
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WASHINGTON, DC - Consumer prices grew far faster than expected in October, according to data released Wednesday by the Labor Department. The consumer price index (CPI), which tracks inflation for a range of staple goods and services, rose 0.9 percent last month and 6.2 percent in the 12-month period ending in October. Analysts broadly expected the CPI to rise by 0.5 percent last month, up from a gain of 0.4 percent in August, and 5.8 percent over the past year. |
The sharp jump in the inflation rate is a dismal sign for President Biden and Democrats as they face growing pressure over rising prices.