Prices for U.S. consumers jumped 6.2% in October compared with a year earlier as surging costs for food, gas and housing left Americans grappling with the highest inflation rate since 1990.
strong gains in wages and salaries
The jump in inflation is hardly confined to the U.S. Prices have been accelerating in Europe and elsewhere, too, with annual inflation in the 19 countries that use the euro currency exceeding 4% in October, the most in 13 years, and energy prices spiking 23%. In Brazil, inflation soared more than 10% in the 12 months through October, according to data released this week.
“We’re still looking at an economy in a strong position,” said Sarah House, a senior economist at Wells Fargo. “The consumer is still going out and spending, which is why we are seeing the price gains we’re seeing.” Republicans in Congress have blamed President Joe Biden’s $1.9 trillion financial aid package, approved in March, for intensifying inflation. The additional stimulus checks and enhanced unemployment aid, they argue, drove demand beyond what the economy could produce.to highlight parts of the recently passed infrastructure package that will upgrade capacity at ports and, the administration says, help unclog bottlenecks and ultimately reduce inflation.
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