It was the largest annual jump in the consumer price index (CPI) since November 1990 and driven by increases in gasoline, automobile and food prices, according to the Labor Department data.
CPI spiked 0.9 percent compared to September, more than double the increase in the prior month and above analyst expectations.
The data underscored the continued challenge posed by inflation as the world’s largest economy recovers from the pandemic downturn last year, and struggles with scarce labor and snarled supply chains that have driven prices higher.
Gasoline prices rose 6.1 percent last month, and used cars and trucks, which have seen a big spike over the past year, climbed 2.5 percent after declining in the prior two months. Fuel oil jumped by a massive 12.3 percent.
Prices for food at home, such as groceries, rose one percent, while food away from home, which are meals at restaurants, increased 0.8 percent.
Rent prices rose with a 0.5 percent increase in the shelter category.
Food and energy prices are volatile, but even with those goods excluded, CPI climbed 0.6 percent last month compared to the 0.2 percent increase in September.
Compared to October 2020, “core” CPI increased 4.6 percent, its biggest 12 month rise since August 1991, the report said.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
