Consumer prices in October increased by a historic 6.2 percent over the year prior making it the biggest inflation jump in 30 years.
According to data released by the U.S. Bureau of Labor Statistics, Americans also paid 0.9 percent more on daily goods and other items than they did in September.
“Along with shelter, used cars and trucks, and new vehicles, the indexes for medical care, for household furnishing and operations, and for recreation all increased in October,” the report noted.
These rising prices come on the heels of a massive supply-chain crisis fueled by the Biden administration’s lack of action and a nation still recovering from months of shutdowns mandated by politicians who sacrificed economic stability and viability to keep people at home.
White House Press Secretary Jen Psaki recently joked that the supply-chain issues facing a majority of American families are simply “the tragedy of the treadmill that’s delayed,” and White House Chief of Staff Ron Klain also downplayed the crisis in a retweet mischaracterizing the historic inflation and backup of goods as “high class problems.”
This most recent consumer price index shows that some of the largest price increases are occurring in goods and services that most Americans need but cannot comfortably pay for anymore. Some of the biggest price climbs were in energy, which rose 4.8 percent since last month and 30 percent since last year, and gasoline, which climbed 6.1 percent since September. Food prices also increased the cost of Americans’ grocery runs by 1 percent since September and 5.3 percent since last October.
A report released on Tuesday indicated that producer prices are also rising at alarming rates. Despite the Biden administration’s repeated claims that skyrocketing prices among goods and services in the United States is temporary, producer prices rose 8.6 percent since October 2020 and show no signs of stopping.