{"id":1163,"date":"2021-11-11T14:28:09","date_gmt":"2021-11-11T13:28:09","guid":{"rendered":"https:\/\/ancstockinvestments.com\/blog\/?p=1163"},"modified":"2021-11-11T14:28:11","modified_gmt":"2021-11-11T13:28:11","slug":"us-inflation-hit-31-year-high-consumer-prices-jump-6-2-october","status":"publish","type":"post","link":"https:\/\/ancstockinvestments.com\/blog\/2021\/11\/11\/us-inflation-hit-31-year-high-consumer-prices-jump-6-2-october\/","title":{"rendered":"U.S. Inflation Hit 31-Year High as Consumer Prices Jump 6.2% in October"},"content":{"rendered":"\n<p>Inflation appears to have officially moved into the U.S. economy. Consumer prices rocketed higher than expected last month, jumping 6.2% annually for their biggest increase in 31 years, the Labor Department said Wednesday.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"967\" height=\"474\" data-src=\"https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/11\/254579259_378081377337815_4189744052221641228_n.jpg\" alt=\"U.S. Inflation Hit 31-Year High as Consumer Prices Jump 6.2% in October\" class=\"wp-image-1164 lazyload\" data-srcset=\"https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/11\/254579259_378081377337815_4189744052221641228_n.jpg 967w, https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/11\/254579259_378081377337815_4189744052221641228_n-300x147.jpg 300w, https:\/\/ancstockinvestments.com\/blog\/wp-content\/uploads\/2021\/11\/254579259_378081377337815_4189744052221641228_n-768x376.jpg 768w\" data-sizes=\"(max-width: 967px) 100vw, 967px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 967px; --smush-placeholder-aspect-ratio: 967\/474;\" \/><\/figure>\n\n\n\n<p>An increase in the consumer price index (CPI) means everything from gas bills and healthcare to groceries and rents is getting more expensive.<\/p>\n\n\n\n<p>Fuel oil prices climbed 12.3% last month and are now up 59.1% compared to last year.&nbsp;<\/p>\n\n\n\n<p>Energy prices overall rose 4.8% in October and are up 30% for the 12-month period.&nbsp;<\/p>\n\n\n\n<p>Meat, poultry, fish, and eggs increased 1.7% last month and have climbed 11.9% for the year.<\/p>\n\n\n\n<p>Stock market futures also <a href=\"https:\/\/www.cnbc.com\/2021\/11\/09\/stock-market-futures-open-to-close-news.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">fell following the report<\/a> and bond yields rose.<\/p>\n\n\n\n<p>On the flip side, there is good news for anyone planning a vacation as prices for alcohol and airline tickets fell.<\/p>\n\n\n\n<iframe width=560 height=349 src=https:\/\/player.cnbc.com\/p\/gZWlPC\/cnbc_global?playertype=synd&#038;byGuid=7000218894 frameborder=0 scrolling=no allowfullscreen webkitallowfullscreen mozallowfullscreen oallowfullscreen msallowfullscreen ><\/iframe>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How did we get to such inflation figures?&nbsp;<\/strong><\/h2>\n\n\n\n<p>Truth is, the economic reopening from the pandemic caused all sorts of disruptions\u2014from labor shortages to supply chain bottlenecks\u2014which have contributed to rising prices.<\/p>\n\n\n\n<p>With inflation coming in above 5% for five straight months now, many Americans are getting a little freaked out, and they are looking to policymakers for answers.<\/p>\n\n\n\n<p>Officials are also <a href=\"https:\/\/www.wsj.com\/articles\/fed-inflation-cpi-rates-11636552015?utm_campaign=mb&amp;utm_medium=newsletter&amp;utm_source=morning_brew\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">frustrated<\/a> with the scary inflation figures.\u00a0<\/p>\n\n\n\n<p><em>\u201cI had expected to see more progress by now,\u201d<\/em> Chicago Fed President Charles Evans acknowledged this week.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\">Also Read: <a href=\"https:\/\/ancstockinvestments.com\/blog\/2021\/11\/06\/nonfarm-payrolls-us-adds-531k-jobs-october-beats-expectations\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Nonfarm Payrolls: U.S. Adds 531,000 Jobs in October, Beats Expectations (opens in a new tab)\">Nonfarm Payrolls: U.S. Adds 531,000 Jobs in October, Beats Expectations<\/a><\/h5>\n\n\n\n<p>The data comes as policymakers maintain that the current price pressures are temporary and related to COVID-19 pandemic-specific issues. While they have conceded that inflation has been more persistent than they expected, they see conditions returning to normal over the next year or so.<\/p>\n\n\n\n<p>However, the Fed now believes that inflation will run hot well into next year, which has bolstered its plan to hike rates and cool down the economy. It\u2019s already planning to reduce its monthly bond purchases that propped up markets during the pandemic.<\/p>\n\n\n\n<p>Treasury Secretary Janet Yellen <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-11-09\/yellen-says-fed-wouldn-t-allow-repeat-of-1970s-level-inflation?utm_campaign=mb&amp;utm_medium=newsletter&amp;utm_source=morning_brew\" target=\"_blank\">stressed on Tuesday<\/a> that officials won\u2019t let inflation get as out of control as it did during the 70s and 80s. <em>\u201cThat isn\u2019t happening now and the Federal Reserve wouldn\u2019t permit that to happen,\u201d<\/em> she said. But it\u2019s being put to the test.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What&#8217;s next for the market?<\/h2>\n\n\n\n<iframe width=560 height=349 src=https:\/\/player.cnbc.com\/p\/gZWlPC\/cnbc_global?playertype=synd&#038;byGuid=7000218942 frameborder=0 scrolling=no allowfullscreen webkitallowfullscreen mozallowfullscreen oallowfullscreen msallowfullscreen ><\/iframe>\n","protected":false},"excerpt":{"rendered":"<p>Inflation appears to have officially moved into the U.S. economy as consumer prices rocketed higher than expected last month, jumping 6.2% annually.<\/p>\n","protected":false},"author":3,"featured_media":1165,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"content-type":"","inline_featured_image":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,3,10],"tags":[186,188,187,132],"series":[],"ppma_author":[463],"class_list":["post-1163","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-investments","category-stock","tag-consumer-price-index","tag-consumer-prices","tag-cpi","tag-inflation"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>U.S. Inflation Hit 31-Year High as Consumer Prices Jump 6.2% in October<\/title>\n<meta name=\"description\" content=\"Inflation appears to have officially moved into the U.S. economy as consumer prices rocketed higher than expected last month, jumping 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