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U.S. consumer prices jump 6.2% in October, the biggest inflation surge in more than 30 years

By HatetheSwamp
November 10, 2021 6:41 am
Category: Government

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Inflation across a broad swath of products that consumers buy every day was even worse than expected in October, hitting its highest point in more than 30 years, the Labor Department reported Wednesday...

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 to the 4% expectation and the highest since November 1990.

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...

The price increases meant that workers fell further behind.

In a separate report, the Labor Department said real wages after inflation fell 0.5% from September to October, the product of a 0.4% increase in average hourly earnings that was more than offset by the CPI surge.


Scarlet Red Wave Alert!

Everyone who voted for "that feckless dementia-ridden" flatulent fool has a hand in this.

Absolutely, some of what's going on now would have happened anyway but having a guy who thinks he's a former 18 wheeler driver in charge of the economy was a bad plan.

Don't blame me. I voted for Trump.


Cited and related links:

  1. cnbc.com

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Comments on "U.S. consumer prices jump 6.2% in October, the biggest inflation surge in more than 30 years":

  1. by Donna on November 10, 2021 8:30 am
    What did Biden do to cause this, Bill?


  2. by HatetheSwamp on November 10, 2021 9:03 am

    I did note that much of what's going on now would be going on anyway and that the real problem is with putting our future in the hands of a geezer who thinks he's a former 18 wheeler driver...

    That said, the US, under "that feckless dementia-ridden piece of crap" produces 2,000,000 fewer barrels of oil every effin day than it once did. Not so long ago we were a net exporter of oil. Now, thanks to Joe, we are depending on OPEC.


  3. by Donna on November 10, 2021 9:28 am
    That's an unnecessarily long-winded way of admitting that you have nothing.

    Btw, we've been depending OPEC for many decades.


  4. by HatetheSwamp on November 10, 2021 9:46 am

    Okay, po. I know that this can't be Donna. This is classic po.

    So, you think that shifting from being a net producer of oil to becoming a major consumer is nuthin.

    C'mon, po, gimme a break!

    We were not depending on OPEC after Trump became President.

    Gas has already increased in price by more than a dollar a gallon in the past year.

    That ain't nuthin. It's sumthin.

    "That's 16 cents higher than a month ago, or $1.31 more than a year ago, and 80 cents more than in 2019, according to AAA."
    usatoday.com


  5. by Donna on November 10, 2021 10:32 am
    The US also used to be the world's biggest creditor nation before Reagan. After Reagan the US became the world's biggest debtor nation.

    Lotta blame to go around about that, but none of that blame should be confined to either party.

    As for fossil fuels, both parties can see very clearly that renewable energy is the way to go, and that there's huge profits in going that direction notwithstanding possible benefits to the global climate. Both parties are seeking to transition from fossil fuels to renewables.

    You look at everything through a partisan lens, which is your downfall. You have a habit of falling for political arguments.


  6. by Curt_Anderson on November 10, 2021 10:38 am
    HtS,
    Gasoline prices have increased due to the laws of supply and demand. Presidents have negligible control over American supply and demand (much less global supply and demand) thus no control over the price of oil. If Biden did attempt to control demand, such as only allowing people to buy gasoline every other day, you'd be complaining about Biden acting like a dictator.

    EIA: Oil Demand Rebounds Faster than Supply
    Crude oil demand is rebounding faster than supply, pushing prices higher, the Energy Information Administration said this week, noting that the price of West Texas Intermediate had reached its highest since 2014.



    America produces 20% of the world's oil supply. We are the top producer. OPEC produces about 11%. Oil is a fungible commodity so the rate of production in one location impacts the supply and cost on the other side of the globe.

    America consumes 21% of the world's oil production. We are 4.25% of the world's population.

    oilprice.com
    eia.gov


  7. by HatetheSwamp on November 10, 2021 10:38 am

    po,

    At this moment, inflation is at a 30 year high in part, only in part, because of the ripple effect of high energy prices.

    Period!

    And, that's what this thread is about.


  8. by Donna on November 10, 2021 10:51 am
    That has nothing to do with the president. It's worldwide.


  9. by HatetheSwamp on November 10, 2021 10:56 am

    DUH!!!!!

    I'm answering the question what of Joe's hand in this is. If he'd not managed our economy so energy prices would go up anyway, inflation would not be as bad here... yet.

    But my point for the future is that with the flatulent fool in charge, things will get worse than they'd have to be.


  10. by Donna on November 10, 2021 10:57 am
    That's because you aren't thinking rationally.


  11. by HatetheSwamp on November 10, 2021 12:01 pm

    Ah, po. The supreme court of all that is rational.

    Bahahahahahahaha hahahahahahahahahahaha hoohoohoohoohoohoohoo hehehehehehehehehehehehe hahahahahahaha hoohoohoohoohoohoohoo hehehehehehehehehehehehe hoohoohoohoohoohoohoo hehehehehehehehehehehehe hoohoohoohoohoohoohoo hehehehehehehehehehehehe hahahahahahaha, ahhhhhhhhhhhhh.


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