U.S. Facing the Biggest Inflation Surge in More than 30 Years

Consumer prices jumped 6.2% in October, hitting its highest point in more than 30 years according to the Labor Department. The consumer price index (CPI) , which references gasoline, health care, groceries, rent and more, rose 6.2% from a year ago. This is the most since December 1990 and exceeded the Dow Jones estimate. Annual core inflation ran at a 4.6% pace, compared with the 4% expectation. A major contributor to this surge relates to fuel prices, which soared 12.3% for the month, but food and vehicle prices, also rose significantly as well.

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