<p>U.S. inflation hit its highest year-over-year surge in more than 30 years last month, according to the Department of Labor.</p>
<p>The consumer price index, a basket of products economists use to track overall changes in price, surged 6.2% from October 2020 to last month, the fastest annual rate since 1990. Inflation during the month of October alone surged 0.9%, driving the year-over-year rate above the 5.9% that economists predicted. Monthly inflation in October was expected to clock in at 0.6%, according to <a href="https://www.cnbc.com/2021/11/10/consumer-price-index-october.html">CNBC</a>.</p>
<p>Sectors of the economy hardest hit include fuel, used vehicles, and food. As CNBC reported:</p>
<blockquote><p><em>Fuel oil prices soared 12.3% for the month, part of a 59.1% increase over the past year. Energy prices overall rose 4.8% in October and are up 30% for the 12-month period.</em></p>
<p><em>Used vehicle prices again were a big contributor, rising 2.5% on the month and 26.4% for the year. New vehicle prices were up 1.4% and 9.8% respectively.</em></p>
<p><em>Food prices also showed a sizeable bounce, up 0.9% and 5.3% respectively. Within the food category, meat, poultry, fish and eggs collectively rose 1.7% for the month and 11.9% year over year.</em></p></blockquote>
<p>MacroPolicy Perspectives senior economist Laura Rosner-Warburton told The Wall Street Journal that the United States is entering a period of particularly high inflation.</p>
<p>“I do think we’re moving into a new phase where inflation is broader and where things are going to get a little more intense,” she said. “Part of that reflects that [supply-chain] bottlenecks are not resolved going into the holiday season, when a lot of purchases get made, and that the economy is doing really well, so you have strong demand.”</p>
<p>Principal Global Investors chief strategist Seema Shah told CNBC: “Inflation is clearly getting worse before it gets better, while the significant rise in shelter prices is adding to concerning evidence of a broadening in inflation pressures.”</p>
<p>The rise in prices comes as U.S. manufacturing and retail companies struggle to get goods and resources through supply chain bottlenecks that have been tight since the start of the pandemic and widespread lockdowns. The falling value of the dollar also comes on the heels of multi trillion-dollar spending bills the United States authorized as COVID aid packages.</p>
<p>Last week, President Joe Biden touted more spending bills as the answer to the financial pain Americans are feeling because of inflation. Specifically, Biden pushed his “Build Back Better” spending plan. Biden <a href="https://www.dailywire.com/news/biden-acknowledges-inflation-says-massive-spending-bills-will-solve-it">stated</a>:</p>
<blockquote><p><em>I want to say very clearly: If your number one issue is the cost of living, the number one priority should be seeing Congress pass these bills. Seventeen Nobel Prize winners in economics have said — spontaneously wrote to me, together, and said this will lower inflationary pressure on the economy when we pass my bills. A new analysis from the Wall Street firm of Moody’s Analytics found that it will ease the financial burden of inflation for middle-class families.</em></p>
<p><em>Put another way: These will — these bills will provide families with, as my dad used to say, “just a little more breathing room.” That’s because the Build Back Better framework lowers your bills for healthcare, childcare, prescription drugs, and preschool. And families get a tax cut. That’s how you end some of the anxiety people are feeling about the economy. That’s how we give people some breathing room.</em></p></blockquote>

<script async src="https://www.instagram.com/embed.js"></script>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<script async src="https://www.tiktok.com/embed.js"></script><div data-widget-host="revcontent" data-pub-id="165152" data-widget-id="290588"></div><script src="https://delivery.revcontent.com/165152/290588/widget.js"></script>

Bidenflation: Price Increases Soar To 30-Year High, Outpace Economist Predictions

CONTINUE READING

Trump Says Netflix Should Fire ‘Racist, Trump Deranged’ Susan Rice

Trump Orders Release Of ‘Any And All’ Info On Aliens And UFOs

Man Targets DHS Building With Stolen Ambulance In Attempted Arson Attack

Bill Gates Drops Out Of Keynote Speech Last Minute As Epstein Rumors Swirl

Trump Left The World Health Org Last Year. Now, He’s Replacing It.

One Of The CDC’s Biggest Critics Is Now In Charge Of The Whole Thing

News

Inflation

Joe Biden

A video goes viral showing a baby being refused his mother by two gay "dads". This is just the tip of the iceberg, which is why we will have an important discussion today about surrogacy. 

Hour 1

The Matt Walsh Show

Ep. 1765 - This Video Is One Of The Worst Things I've Seen In A Long Time 

The Strait of Hormuz officially opens for business (kind of), the Pope makes “shocking” comments on immigration, and President Trump promises UFO disclosure at TPUSA. 


The Michael Knowles Show

Ep. 1956 -  Pope Leo's "SHOCKING" Immigration Comments EXPLAINED

A false miscreed has corrupted our leadership class.


The Andrew Klavan Show

Ep. 1275 - Dumb, Dumber and Progressive

President Trump announces a 10-day ceasefire between Lebanon and Israel, a murder-suicide involving former Democratic Lieutenant Governor Justin Fairfax shakes Virginia, and France and Britain hold a conference to secure the Strait of Hormuz – after the Iranian conflict ends. Get the facts first with Morning Wire.

- - -

Ep. 2738

- - -

Wake up with new Morning Wire merch: https://bit.ly/4lIubt3

- - -

Today's Sponsors:

Alliance Defending Freedom - Visit https://JoinADF.com/WIRE or text 'WIRE' to 83848 to learn more.

Pocket Hose - Text MORNING to 64000 to get a FREE pocket pivot and their 10-pattern sprayer with the purchase of ANY size Copper Head hose. Message and data rates may apply.

Morning Wire

U.S. Expands Hormuz Blockade & VA Fairfax Deaths Investigated | 4.17.26

U.S. Expands Hormuz Blockade & VA Fairfax Deaths Investigated | 4.17.26 [Member Exclusive]

A ceasefire goes into effect between Israel and Lebanon, a tragic murder-suicide rocks Virginia, and Dairy Queen deploys AI in the drive-thru. Get the facts first with Evening Wire.
- - -
Ep. 2737
- - -
Wake up with new Morning Wire merch: https://bit.ly/4lIubt3 
- - -
Today’s Sponsor:

Alliance Defending Freedom - Visit https://JoinADF.com/WIRE or text “WIRE” to 83848 to learn more.


Menu

— News —

Bidenflation: Price Increases Soar To 30-Year High, Outpace Economist Predictions