From cars to gasoline, surging prices match a 13-year high

from cars to gasoline surging prices match a 13 year high

Sumary of From cars to gasoline, surging prices match a 13-year high:

  • WASHINGTON — Another jump in consumer prices in September sent inflation up 5.4% from where it was a year ago, matching the largest increase since 2008 as tangled global supply lines continue to create havoc.
  • U.S. consumer prices rose 0.4% in September from August as the costs of new cars, food, gas, and restaurant meals all jumped.
  • The annual increase in the consumer price index matched readings in June and July as the highest in 13 years, the Labor Department said Wednesday.
  • WHITE HOUSE SCRAMBLES TO QUELL RISING CONSUMER PRICES AS INFLATION SURGES The ongoing price gains raise pressure on the Federal Reserve, whose officials have repeatedly said the increases will be transitory, and on President Joe Biden, who is facing an economy of slowing job gains and higher inflation.
  • The unexpected burst of inflation this year reflects sharply higher prices for food and energy, but also for furniture, cars, televisions, and other largely imported goods.
  • COVID-19 has shut down factories in Asia and slowed U.S. port operations, leaving container ships anchored at sea and consumers and businesses paying more for goods that may not arrive for months.
  • Consumer prices rose 0.4% last month, slightly higher than August’s gain and pushing annual inflation back to the highest increase in 13 years.
  • Huh)”Price increases stemming from ongoing supply chain bottlenecks amid strong demand will keep the rate of inflation elevated, as supply (and) demand imbalances are only gradually resolved,” said Kathy Bostjancic, an economist at Oxford Economics, a consulting firm.

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