Inflation rose again in October, with PCE index rising 5%

A key measure of inflation showed that consumer prices were rising at the fastest rate in three decades, as energy prices and demand for...

A key measure of inflation showed that consumer prices were rising at the fastest rate in three decades, as energy prices and demand for goods and services soared, posing both challenges for the White House and the Federal Reserve.

Prices rose 5% in the 12 months to October, according to the personal consumption expenditure price index data published Wednesday. This is the fastest rate of increase since 1990.

The tonnage was raised by a 30.2% annual increase in the price of energy and a 4.8% increase in the price of foodstuffs. Prices rose 0.6% from September to October, as supply chain disruptions continued to restrict the availability of some products and components.

The increases were in line with what analysts expected, but the hike in the Federal Reserve’s preferred inflation indicator will only add pressure on the central bank act more quickly to keep prices stable.

Price hikes have shown little sign of abating, as some officials in the Biden administration and the Fed have claimed they will do earlier this year. The central bank faces growing calls to speed up plans to end its stimulating bond buying program and start raising interest rates, a process that could risk slowing job creation and economic growth.

While inflation has deteriorated consumer confidence and weighed on Mr. Biden’s approval ratings, those price increases have been spurred in part by a strong economic recovery. Separate data released by the Labor Ministry on Wednesday revealed that initial jobless claims have fallen to their lowest point since 1969, dropping from 71,000 to 199,000 last week.

Mr Biden welcomed the drop in jobless claims on Wednesday, but acknowledged that the country was still far from a full recovery and had to contend with rising inflation.

“We still have work to do before our economy returns to normal, especially to tackle price increases that hurt Americans’ wallets and undermine wage and disposable income gains,” Biden said in a press release on Wednesday.

In an attempt to bring down gas prices, the United States and five other world powers on Tuesday announced a coordinated effort to tap into their national oil stocks. Mr Biden ordered the Department of Energy to release 50 million barrels of crude into the Strategic oil reserve, lower than traders expected from the emergency stock, which is the largest in the world at 620 million barrels.

Consumers are increasingly concerned about soaring prices. A University of Michigan survey released Wednesday found consumers expressed less optimism in November than at any time in the past decade about the outlook for their finances and the overall growth of the economy. . The drop in consumer confidence is the result of rapidly rising inflation and the lack of federal policies to address the damage to household budgets, according to the report.

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Newsrust - US Top News: Inflation rose again in October, with PCE index rising 5%
Inflation rose again in October, with PCE index rising 5%
Newsrust - US Top News
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