The consumer price index surged 6.2% from a year ago in October, the most since December 1990. 3 experts discuss what this means for the markets.
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Consumer price index surges 6.2% in October, worse than expected and the highest since December 1990
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US consumer prices soared 6.2% in past year, most since 1990Prices 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. The year-over-year increase in the consumer price index exceeded the 5.4% rise in September, the Labor Department reported Wednesday. Inflation is eroding the strong gains in wages and salaries that have flowed to America's workers in recent months, creating political headaches for the Biden administration and congressional Democrats and intensifying pressure on the Federal Reserve as it considers how fast to withdraw its efforts to boost the economy.
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