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October 2021 CPI: Inflation Rose at Fastest Rate Since 1990



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Consumer prices surged at the fastest pace in more than three decades in October as fuel costs picked up, supply chains remained under pressure and rents moved higher — worrying news for economic policymakers at the Federal Reserve and for the Biden White House.Overall prices rose 6.2 percent over the past 12 months, the fastest pace since 1990, and inflation began to accelerate again on a monthly basis.Prices rose across the board in October, at deli counters and restaurants and car dealerships. The acceleration is an unwelcome development for the Biden administration, which had continually pointed out that while price gains were faster than usual, they were slowing down from rapid summertime readings. It is also a policy challenge for the Fed, which is charged with maintaining stable prices an …

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