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US inflation surges in October
US inflation surges in October

Washington, Nov 11 (TIWN) US inflation remained elevated in October as supply chain disruptions have persisted for months, surging to the highest level in three decades, the Labour Department reported.

The consumer price index, which is a basket of products ranging from gasoline and health care to groceries and rents, rose 6.2% from a year ago, the most since December 1990.

That compared with the 5.9% Dow Jones estimate.  On a monthly basis, the CPI increased 0.9% against the 0.6% estimate.  Stripping out volatile food and energy prices, so-called core CPI was up 0.6% against the estimate of 0.4%. Annual core inflation ran at a 4.6% pace, compared with the 4% expectation and the highest since August 1991. 

Fuel oil prices soared 12.3% for the month, part of a 59.1% increase over the past year. Energy prices overall rose 4.8% in October and are up 30% for the 12-month period.  Used vehicle prices again were a big contributor, rising 2.5% on the month and 26.4% for the year.

New vehicle prices were up 1.4% and 9.8%, respectively.  Food prices also showed a sizeable bounce, up 0.9% and 5.3% respectively. Within the food category, meat, poultry, fish and eggs collectively rose 1.7% for the month and 11.9% year over year.

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