Headline Roundup • November 10th, 2021
Annual Inflation Reached 30-Year High in October, BLS Says
Summary from the AllSides News Team
The Bureau of Labor Statistics (BLS) reported Wednesday that consumer prices rose 0.9% in October and 6.2% over the last 12 months — the largest annual increase since November 1990.
The October figure beat economists’ expectations for 0.6% monthly inflation and accelerated from September’s 0.4% price growth. The price index excluding volatile food and energy prices, sometimes called “core inflation,” rose 0.6% in October and 0.2% in September. While the BLS said inflation was “broad based,” it singled out prices for energy, shelter, food, used cars and trucks, and new vehicles as “larger contributors.” Energy prices rose sharply, with gasoline prices accelerating from 1.2% growth in September to 6.1% growth in October. The inflation report prompted statements from political figures like President Joe Biden, Sen. Joe Manchin, and RNC Chairwoman Ronna McDaniel; the Federal Reserve said it would start scaling back its economic stimulus measures earlier this month.
Coverage was widespread and prominently featured across the spectrum on Wednesday. Most coverage highlighted the “30-year record” aspect of this story. Several right-rated outlets published opinion articles blaming the Biden administration for high inflation.
Featured Coverage of this Story
George Frey/AFP/Getty Images
Pressure on America’s central bank to raise interest rates has intensified after rising energy costs, supply shortages and increased consumer sent US inflation surging to a level not seen for more than 30 years.
Although the Federal Reserve has repeatedly insisted price pressures will prove “transitory”, financial markets were taken aback by a 6.2% increase in the cost of living in the world’s biggest economy over the past year.
A labour department report released on Wednesday showed prices rose by 0.9% in October alone – more than double the 0.4% jump in September –...
ROBYN BECK/AFP via Getty Images
Inflation continued to surge last month — with prices rising more than expected and at the fastest pace in more than 30 years as companies grapple with a snarled supply chain and a nationwide labor shortage, the feds announced Wednesday.
The Labor Department’s Consumer Price Index, which measures a basket of goods and services as well as energy and food costs, jumped 6.2 percent in October from a year earlier.
That’s up from September’s 5.4 percent year-over-year rise in prices and is the biggest 12-month rise since 1990.
Inflation across a broad swath of products that consumers buy every day was even worse than expected in October, hitting its highest point in more than 30 years, the Labor Department reported Wednesday.
The consumer price index, which is a basket of products ranging from gasoline and health care to groceries and rents, rose 6.2% from a year ago, the most since December 1990. That compared with the 5.9% Dow Jones estimate.
On a monthly basis, the CPI increased 0.9% against the 0.6% estimate.
Stripping out volatile food and energy...
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