Inflation jumped 6.2% in October, biggest monthly rise in 30 years
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Inflation accelerated in October, with Americans facing sharply higher consumer prices as they head into the crucial holiday shopping season. That represents the steepest monthly rise in about 30 years.
Consumer prices increased 6.2% from the year-ago period, slightly faster than their 5.4% increase the previous month, the Bureau of Labor Statistics said Wednesday. Core inflation, which strips out volatile food and energy costs, grew 4.6% for the month.
Such swift price hikes are sending financial shocks through household budgets, following almost a decade when inflation rose between 1% to 2% annually. Americans are souring on the nation's financial outlook, with more than 6 in 10 calling the economy poor, according to polling from the Associated Press-NORC Center for Public Affairs Research.
President Trump ordered the release of 172 million barrels of oil from the United States' Strategic Petroleum Reserve on Wednesday, after oil prices rocketed to their highest levels in years amid the U.S.'s war with Iran.
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