Prices have been rising even more rapidly than expected, with the inflation rate hitting the highest point in a generation last month, according to official data released Wednesday.
“Bidenflation” is going nowhere fast.
The latest Consumer Price Index for October recorded a 6.2 percent increase, year over year, the Bureau of Labor Statistics reported, the biggest surge since 1990 and far larger than the 5.9% rise economists anticipated.
— Bloomberg Markets (@markets) November 10, 2021
Consumer prices surged as fuel costs picked up, supply chains remained under pressure and rents moved higher — bad news for economic policymakers at the Federal Reserve and for the Biden White House.
- “Inflation hurts Americans pocketbooks, and reversing this trend is a top priority for me,” President Joe Biden said in a statement Wednesday morning.
- Earlier this year, the Biden administration forecast the annual inflation rate would be 2%, and officials have had to expand their definition of “transitory” as prices have continued to spike.
A FOWL HOLIDAY?
The president’s critics have blamed “Bidenflation” for projections that this Thanksgiving dinner will be the priciest yet for Americans.