Business

U.S. Consumer Prices Jump 6.2% Breaking 30 Year Record

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.

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