US inflation surges in October

Washington: US inflation remained elevated in October as supply chain disruptions have persisted for months, surging to the highest level in three decades, the Labour Department reported. The consumer price index (CPI) soared 0.9 per cent in October after rising 0.4 per cent in September, according to the latest report released by the Department’s Bureau of […]

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Washington: US inflation remained elevated in October as supply chain disruptions have persisted for months, surging to the highest level in three decades, the Labour Department reported.

The consumer price index (CPI) soared 0.9 per cent in October after rising 0.4 per cent in September, according to the latest report released by the Department’s Bureau of Labour Statistics.

Over the past 12 months through October, the index increased 6.2 per cent, up from the 5.4 percent pace for the 12-month period ending September, the bureau said.

It marks the largest 12-month increase since the period ending November 1990.

Excluding the volatile food and energy components, the so-called core CPI rose 0.6 per cent in October after increasing 0.2 per cent in September.

Over the past 12 months through October, the core CPI climbed 4.6 per cent, the largest 12-month increase since the period ending August 1991, according to the report.

The energy index, in particular, soared by 30.0 per cent over the last 12 months, and the food index increased 5.3 per cent.

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