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Prices climbed 6.2 percent in October compared with last year, largest rise in 3 decades, as inflation strains economy

By Rachel Siegel, Andrew Van Dam, Laura Reiley

10 Nov 2021 · 7 min read

Prices rose 6.2 percent in October compared with a year ago, the largest annual increase in about 30 years, as rising inflation complicates the political agenda for the White House and policymakers’ road map for the economy heading into the end of the year.

The growth in October prices reported Wednesday by the Bureau of Labor Statistics (BLS) was driven by soaring energy prices and ongoing supply chain backlogs, such as those in the used-car market. Gasoline prices are up 49.6 percent from a year earlier, and higher energy costs are pushing up the prices of just about every other good, economists say, pinching an already strained supply chain.

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