Inflation hits 7.7% in October, government says

This story was originally published by the WND News Center.

Inflation for U.S. consumers during October hit 7.7%, the federal government reports.

It was in mid-2021 that inflation exploded under Joe Biden’s economic policies, and he called it “temporary.”

A year later his administration insisted, with figures reaching as high as 9.1% for a month earlier this year, it was “transitory.”

But it hasn’t been.

It hit 7.7% for October, edging down by only a fraction of a point since the month before.

It remains at four-decade highs, according to the report of the Consumer Price Index.

MSN reported on a monthly basis, inflation rose 0.4% in October, the same as in September.

The report said, “Even with Thursday’s lower reading, stubbornly high prices likely played a role in the outcome of the midterm elections, with voters naming the economy as their top issue of concern.”

In the report, Bankrate spokesman Greg McBride noted, “It isn’t just the ongoing pace of increase that is troublesome but the pervasiveness of surging prices across various spending categories that have scarred household budgets.”

In fact, American households are having to spend thousands of dollars more on an annual basis to keep the same lifestyle they had before Biden took office.

Polls have shown that even those with $100,000 incomes have been living paycheck-to-paycheck.

MSN reported, “The data also follows the Federal Reserve’s move to raise its key federal funds rate another 0.75%, the fourth-consecutive hike of its kind and the sixth increase this year. Fed Chairman Jerome Powell has said he now expects to increase the federal funds rate to a level beyond where the central bank had previously anticipated because inflation has not cooled off.”

Latest News