Inflation is up 6.2% over past year, numbers show

Cost of goods continues to increase due to supply chain challenges

A television screen on the floor of the New York Stock Exchange shows the rate decision of the Federal Reserve, Wednesday, Nov. 3, 2021. The Federal Reserve will begin dialing back the extraordinary economic aid it's provided since the pandemic erupted last year, a response to high inflation that now looks likely to persist longer than it did just a few months ago. (AP Photo/Richard Drew) (Richard Drew, Copyright 2021 The Associated Press. All rights reserved)

Prices of most goods continue to rise across the country, according to the U.S. Bureau of Labor and Statistics.

According to the agency, the Consumer Price Index — which tabulates the prices of consumer and retail goods — rose by 0.9% in October. Compared to this time last year, prices are up by roughly 6.2%, according to the BLS.

Recommended Videos

Price increases were mostly across the board. Energy prices rose by 4.8% over the month, as gas prices increased by 6.1%. Food prices also increased by roughly 1%.

In large part, the rising prices are due to supply chain issues. The ongoing COVID-19 pandemic has shut down factories and slowed port operations, leaving container ships anchored at sea and consumers and businesses paying more for goods that may not arrive for months.

Rising costs have caught the attention of President Joe Biden and his administration, but they are limited in what they can do to address the problem. Recently, Biden admitted he had no “near-term” solution.

Inflation is far above the Federal Reserve’s target of 2% annually. Chair Jerome Powell has repeatedly said that the price gains should “abate” next year, bringing inflation down.

The grim news led to a deflated stock market on Wednesday.

Read more:

Recommended Videos