Inflation Rises 5.4% Versus Last Year - Matches 13-Year High
On Wednesday, the Labor Department announced that the Consumer Price Index rose 5.4% in September compared with the previous year.
The number exceeded analyst projections as price increases in rent and food as well as a shortage of goods due to supply chain troubles continue to fuel rapid inflation.
The numbers raise concerns for the FED as the period of rapid inflation is lasting longer than initially expected. Many believe they will soon come under additional pressure to act to help steady inflation.
The Biden administration says they have been working to help resolve supply-chain problems, in some cases by increasing port hours, but there still continues to be shortages of many products and longer delivery times than usual.
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