U.S. Inflation: New Numbers Show Biggest Gain in Prices Since 1990

U.S. Inflation: New Numbers Show Biggest Gain in Prices Since 1990

The United States consumer price index (CPI) rose 6.2% in October from the same time in 2020, with the increase in consumer prices marking the fastest annual pace since 1990. 

Data released by the U.S. Department of Labor statistics on Wednesday also showed the CPI rose .9%  from September, making it the largest gain in four months. 

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The White House released an official statement from the President Wednesday morning. 

“Today’s report shows an increase over last month. Inflation hurts Americans pocketbooks, and reversing this trend is a top priority for me. The largest share of the increase in prices in this report is due to rising energy costs—and in the few days since the data for this report were collected, the price of natural gas has fallen,” said Biden. 

Biden used the news to continued to push for his legislative priority — the contentious infrastructure bill. 

“I have directed my National Economic Council to pursue means to try to further reduce these costs, and have asked the Federal Trade Commission to strike back at any market manipulation or price gouging in this sector,” he added. “Other price increases reflect the ongoing struggle to restore smooth operations in the economy in the restart: I am travelling to Baltimore today to highlight how my Infrastructure Bill will bring down these costs, reduce these bottlenecks, and make goods more available and less costly. And I want to reemphasize my commitment to the independence of the federal reserve to monitor inflation, and take steps necessary to combat it.”