U.S. inflation surges in October amid continued supply chain bottlenecks

Washington (US), November 11: U.S. inflation remained elevated in October as supply chain disruptions have persisted for months, surging to the highest level in three decades, the Labor Department reported on Wednesday.
The consumer price index (CPI) soared 0.9 percent in October after rising 0.4 percent in September, according to the latest report released by the department's Bureau of Labor Statistics.
Over the past 12 months through October, the index increased 6.2 percent, up from the 5.4 percent pace for the 12-month period ending September, the bureau said. It marks the largest 12-month increase since the period ending November 1990.
Excluding the volatile food and energy components, the so-called core CPI rose 0.6 percent in October after increasing 0.2 percent in September.
Over the past 12 months through October, the core CPI climbed 4.6 percent, the largest 12-month increase since the period ending August 1991, according to the report.
The energy index, in particular, soared by 30.0 percent over the last 12 months, and the food index increased 5.3 percent.
"Goods consumption remains elevated compared to its pre-COVID trend, and surging goods prices have pushed inflation to the highest pace in decades," Sarah House and Michael Pugliese, economists at Wells Fargo Securities, wrote in an analysis.
"In addition, supply has not recovered across the entire economy, most predominately when it comes to labor," they noted.
Source: Xinhua