Inflation across a broad swath of products that consumers buy every day was even worse than expected in October, hitting its highest point in more than 30 years, the Labor Department reported Wednesday...
Stripping out volatile food and energy prices, so-called core CPI was up 0.6% against the estimate of 0.4%. Annual core inflation ran at a 4.6% pace, compared to the 4% expectation and the highest since November 1990.
Fuel oil prices soared 12.3% for the month, part of a 59.1% increase over the past year. Energy prices overall rose 4.8% in October and are up 30% for the 12-month period...
The price increases meant that workers fell further behind.
In a separate report, the Labor Department said real wages after inflation fell 0.5% from September to October, the product of a 0.4% increase in average hourly earnings that was more than offset by the CPI surge.
Scarlet Red Wave Alert!
Everyone who voted for "that feckless dementia-ridden" flatulent fool has a hand in this.
Absolutely, some of what's going on now would have happened anyway but having a guy who thinks he's a former 18 wheeler driver in charge of the economy was a bad plan.
Don't blame me. I voted for Trump.