Inflation surges the most in 31 years. What the jump in consumer prices means for your pocketbook, Joe Biden’s troubles
WASHINGTON — Inflation over the past 12 months surged to a 31-year high as rising prices undercut President Joe Biden and hurt consumers despite other evidence the U.S. economy is rebounding from the pandemic.
The consumer price index increased by 0.9% in October, the U.S. Bureau of Labor Statistics reported Wednesday, leaving inflation 6.2% higher than a year earlier. It’s the largest 12-month increase since 1990.