US inflation hits 30-year high as prices jump 6.2% in October 

Washington DC: Consumer prices grew far faster in October compared with a year earlier as surging costs for food, gas and housing left Americans grappling with the highest inflation rate since 1990.

US inflation had remained muted in recent years, but roared back with a vengeance in 2021 as American businesses began resuming normal operations with the help of Covid-19 vaccines.

According to data released by the Labor Department, prices for US consumers jumped 6.2% last month and the year-over-year increase in the consumer price index exceeded the 5.4% rise in September.

From September to October, prices jumped 0.9%, the highest month-over-month increase since June.

As per reports, job gains and pay raises have been much healthier during the pandemic recovery than they were after the Great Recession roughly a decade ago.  

In contrast to the years that followed that downturn, inflation is now accelerating and diminishing Americans' confidence in the economy.

Much of the surge was seen in energy prices, with petrol spiking 6.1% last month alone, and fuel oil seeing a massive 12.3% increase.

Grocery prices also climbed in October, with food at home rising1%, while food away from home, such as meals at restaurants, saw a 0.8% increase.

Used cars have seen an abnormal price surge throughout 2021 that bolstered overall inflation. 

After dipping in August and September, the October report showed they again shot up 2.5%.

Amid a nationwide housing shortage, housing costs including rent rose, with a 0.5% increase in the shelter category.