US prices rising at 6.2%, fastest rate for three decades

US prices rising at 6.2%, fastest rate for three decades

Americans’ cost of living is rising faster than it has for three decades, with food and fuel driving the increases.

The consumer prices index for October showed prices rose 6.2% over the last twelve months.

It marks a sharp jump from September when prices were already rising at 5.4%.

Inflation has been a growing concern for shoppers and policymakers this year as the impact of the pandemic persists.

Rising prices for food, shelter, used cars and trucks and new vehicles were among the larger contributors, the Bureau for Labour Statistics said.

Meat, fish and eggs rose more than other foodstuffs, while petrol, or gasoline, prices are at seven-year highs.

Almost every sector saw some price inflation, except for airfares and alcoholic beverages.

Bottlenecks in the supply of some goods, combined with increasing demand from customers as the vaccine programme allowed the economy to reopen, are partly to blame for the rise.

A shortage of staff has prompted employers to raise wages in some sectors, too, which in turn can feed into higher prices.

Even excluding the cost of food and fuel, which tend to be more volatile, prices were rising strongly at 4.6%.

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