Why Is Inflation Rising Right Now?
Inflation is here.
The most recent Consumer Price Index (CPI) inflation report showed that prices rose across the board in October. By a lot.
Overall, prices climbed 6.2% year-over-year, the largest increase since November 1990, and rose 0.9% over the past month. Higher prices were “broad-based,” per the Bureau of Labor Statistics (BLS), with substantial increases seen in the indexes for energy, shelter, food and new and used vehicles. The gasoline index alone rose 6.1% in October.