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SNAPSHOT: Inflation Just Hit a 30 Year High — Here’s What That Looks Like

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.

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.


The president’s critics have blamed “Bidenflation” for projections that this Thanksgiving dinner will be the priciest yet for Americans.

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