Report: Consumer Prices Up 6.2%, Biggest Inflation Surge In Over 30 Years
“In a separate report, the Labor Department said real wages after inflation fell 0.5% from September to October”
American consumers have been watching the sky-rocketing prices of gas, food, clothing, electricity, and other basics with alarm.
The Department of Labor released current inflation numbers showing that the cost of a broad range of goods have surged past even pessimistic predictions to 6.2% over their cost in October, 2020.
Inflation across a broad swath of products that consumers buy every day was even worse than expected in October, hitting its highest point in more than 30 years, the Labor Department reported Wednesday.
The consumer price index, which is a basket of products ranging from gasoline and health care to groceries and rents, rose 6.2% from a year ago. That compared to the 5.9% Dow Jones estimate.
On a monthly basis, the CPI increased 0.9% against the 0.6% estimate.
. . . . Stripping out volatile food and energy prices, so-called core CPI was up 0.6% against the estimate of 0.4%. Annual core inflation ran at a 4.6% pace, compared to the 4% expectation and the highest since November 1990.
Fuel oil prices soared 12.3% for the month, part of a 59.1% increase over the past year. Energy prices overall rose 4.8% in October and are up 30% for the 12-month period.
. . . . Food prices also showed a sizeable bounce, up 0.9% and 5.3% respectively. Within the food category, meat, poultry, fish and eggs collectively rose 1.7% for the month and 11.9% year over year.
WASHINGTON (AP) — US consumer prices soared 6.2% over past 12 months, most since 1990.
— Zeke Miller (@ZekeJMiller) November 10, 2021
The rising prices on basic necessities has undercut any wage gains.
CNBC continues:
The price increases meant that workers fell further behind.
In a separate report, the Labor Department said real wages after inflation fell 0.5% from September to October, the product of a 0.4% increase in average hourly earnings that was more than offset by the CPI surge.
Shelter costs, which make up one-third of the CPI computation, increased 0.5% for the month and are now up 3.5% on a year-over-year basis, pointing to more reasons for concern that inflation could be more persistent than policymakers anticipate.
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Comrades, my fellow peasant members of the proletariat — there is nothing to fear! Our beloved leader, Xi-den, and, his team of infallible and sagacious apparatchiks, have everything well in hand. Rest assured, skyrocketing inflation, increased prices for consumer staples and gasoline, clogged ports and the act of begging OPEC/Russia on bended knee for increased oil output, is all part of their glorious plan for the Motherland!
I don’t want to hear any whining, moaning and assorted complaints from kulaks and lumpenproletariat. Pick up your hammers and sickles and get back out to your fields to do the Revolution’s work.
Hee! Thanks for that; I needed a giggle this morning. 🙂
DEMOCRAT ECONOMIC STRATEGY
“The beatings will continue until morale improves”
The specific turn of the phrase for the current circumstance:
Democrats say:
>>>> “GOV’T MASSIVE $$ PRINTING CONTINUES UNTIL INFLATION DECLINES”
And while you’re in the fields happily laboring for the Motherland, let the sounds of our glorious revolution ring in our ears, bringing smiles to our faces,,
https://www.youtube.com/watch?v=kCTrNb4uC-Y
Inconceivable! Just last week the government raised the chocolate ration from 30 grams to 20 grams.
Just as planned.
Buckle up, it’s going to get a LOT worse before it gets better, because the pieces of shit running the pants-crapping dementia patient’s ‘administration’ REFUSE TO EVEN ADMIT THAT THERE IS A PROBLEM TO SOLVE.
Every single one of them is either pretending this is normal, pretending this isn’t a problem, or saying there is no solution.
It should be called the “What, Me Worry?” administration.
Even if we start using wheelbarrows to carry last week’s paycheck, half of America would still vote D and say life is better then the Trump days
And oh by the way, remember guys, these are the elitist jackasses that tried to make a big deal over saving a handful of CENTS for 4th of July!
When you go printing money all willy nilly and mailing out checks…what did they think was going to happen? Oh, but it isnt actually a problem. The infrastructure bill will fix it.
Take heart, comrades – all is proceeding according to plan as we are now several months into the second half of Obama’s 16-year plan to destroy America.