While higher prices aren't stopping people from spending right now, it could impact lower income Americans should price increases continue:
Prices climbed by 5% in the year through October, the fastest gain in over 30 years, according to the latest Personal Consumption Expenditures price indexInflation is surging at its fastest pace in three decades, data shows: October’s annual jump in prices is more than last month’s reading, which showed prices for the year through September climbing 4.4%.
Personal consumption expenditures—a key measure of consumer spending—rose 1.3% in October while personal income rose 0.5%, according to the data.
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