US consumer prices soar 6.2% in past year, highest inflation since 1990
WASHINGTON (AP) — Prices for U.S. consumers jumped 6.2% in October compared with a year earlier as surging costs for food, gas and housing left Americans grappling with the highest inflation rate since 1990.
The year-over-year increase in the consumer price index exceeded the 5.4% rise in September.
From September to October, prices jumped 0.9%, the highest month-over-month increase since June.
Inflation is eroding the strong gains in wages and salaries that have flowed to America’s workers in recent months, creating political headaches for the Biden administration and congressional Democrats and intensifying pressure on the Federal Reserve as it considers how fast to withdraw its efforts to boost the economy.
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