U.S. inflation rate jumps to highest level since 1990, at 6.2% | CBC News

The U.S. cost of living went up at its fastest annual pace in more than 30 years in October, new figures showed Wednesday, as the price of just about everything is increasing at a much faster pace than usual.

The U.S. Bureau of Labour Statistics reported that the all-items consumer price index rose by 6.2 per cent in the 12 months up to October. Prices rose by almost a full per cent just in the month of October alone.

While almost every single subindex was higher, the biggest factors in the record-setting jump were energy, shelter, food and new and used vehicles.

Policy makers tend to like to strip out the impact of food and energy costs from the overall inflation rate because they can be so volatile, but even by that metric, the U.S. inflation rate hasn’t been this high in 30 years. The pared-down rate came in at 4.6 per cent, which is the highest increase for everything else since 1991.

More to come