Inflation Is Hitting Every Aspect of American Life
Inflation Is Hitting Every Aspect of American Life
U.S. consumer prices have risen at their fastest annual rate for three decades, with figures revealing that Americans are paying more for energy, shelter and food.
The U.S. Bureau of Labor Statistics (BLS) said that the Consumer Price Index (CPI), which takes into account a basket of products, was 6.2 percent higher in October compared with the same time in 2020—the biggest spike since 1990.
Energy prices have been a major driver of inflation and have gone up 30 percent compared with a year ago. There was a 4.8-percent spike in October alone, according to the BLS. Gasoline prices are up 49.6 percent from a year earlier.
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