U.S. inflation hit a three-decade high in October—rising at a 6.2% annual rate—as pandemic-related supply shortages and continued strength in consumer demand continued to push up prices.
The Labor Department said the consumer-price index, which measures what consumers pay for goods and services, increased at the fastest annual pace since 1990. Inflation also topped 5% for the fifth straight month.
The so-called core price index, which excludes the often-volatile categories of food and energy, in October climbed 4.6% from a year earlier, higher than September’s 4% rise and the largest increase since 1991.
On a monthly basis, the CPI increased a seasonally adjusted 0.9% in October from the prior month, a sharp acceleration from September’s 0.4% rise, and the same as June’s 0.9% pace.