U.S. is Seeing the Biggest Inflation Surge in More Than 30 Years; Consumer Prices Rise 6.2 Percent

Consumer prices have risen 6.2 percent higher than they were a year ago, making it the biggest inflation surge in over 30 years.

Several everyday products and items have raised in price, but it hits its highest point in October in over 30 years, the Labor Department reported this week. Some of the things affected included food, energy, shelter, among other items.

CNBC reports that fuel oil prices increased by 12.3 percent, part of a 59.1 percent increase over the last year. Energy rose by 4.8 percent in October and, in the previous 12 months, rose by 30 percent.

The news outlet reports a 2.5 percent rise in used vehicle prices, while new vehicle prices rose by 1.4 percent and 9.8 percent. For food, meat, poultry, fish and eggs altogether rose 1.7 percent. In the last year, the numbers increased by 11.9 percent.

“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,” said Seema Shah, chief strategist at Principal Global Investors.