by John McPhaul, The Chicago Times
November 10, 2021
WASHINGTON – In a Labor Department report released on Wednesday the Consumer Price Index saw an increased of 6.2% year on year in comparison to the Dow Jones estimate of 5.9%. According to researchers, CPI is now at its highest level in more than 30 years.
Fuel oil prices increased 12.3% for the month, contributing to a 59.1% increase over the previous year. Energy prices rose 4.8% in October and are up 30 percent year to date.
Food prices increased 0.9% for the month and 5.3% for the year. Meat, poultry, fish, and eggs rose 1.7% for the month and 11.9% for the year.
Used vehicle prices rose 2.5% for the month and 26.4% for the year, while new vehicle prices increased by 1.4% for the month and 9.8% for the year.
The Federal Reserve Bank has indicated a reduction in the amount of bonds it purchases each month within the next few weeks. However, Fed officials have not indicated any increase in interest rates.