Inflation in the United States soars to highs not seen in 30 years

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Washington, Nov 10 (EFE) .- The interannual rate of inflation in the United States shot up in October to 6.2%, which is the highest record of consumer prices in this country since 1990, amid the strong consumer demand and problems in global supply chains following the crisis caused by the pandemic.

Consumer prices rose nine tenths in a month, the Bureau of Labor Statistics reported Wednesday.

This is the fifth consecutive month in which year-on-year inflation has been above 5% in the US.

Last month’s data raises particular concern, as it shows a more general rise than in previous months, which had focused on specific sectors.

If food and fuel prices, which are the most volatile, are excluded, core inflation in October was 0.6%, with an annual rate of 4.6%.

Energy prices rose 4.8% in October and food prices rose 0.9%, according to the government report.

Specifically, the prices consumers pay for gasoline increased 6.1% last month and have risen 49.6% in one year.

For Jason Furman, Harvard economics professor and researcher at the Peterson Institute for International Economics, the 0.9% monthly price rise in October is an “extremely high indicator.”

“In addition, inflation is spreading (…) It has been a big jump even if we exclude cars and services affected by the pandemic,” he said on his Twitter account.

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