New data shows that inflation is even worse than expected.
October inflation numbers were far worse than expected on virtually every metric, the Bureau of Labor Statistics data shows.
The consumer price index (CPI), a key measure for inflation, accelerated again in October at 6.2%, topping expectations.
That is the highest the measure has been since 1990.
Experts had estimated an increase of 5.9%. In September, the CPI rose by 5.4%.
On a monthly basis, the Consumer Price Index rose 0.9%. Economists had expected 0.6%.
Core CPI, a measurement that excludes food and energy, rose 4.6% vs the expected 4.3%.
Core CPI month over month rose 0.6%, vs the expected 0.4%.
The highest price increases were in energy and used cars.
Energy costs for the average urban consumer rose 30% on a yearly basis. Gas costs rose almost 50%.
Used cars and trucks rose 29.4% in October, on a year-to-year basis.
What is worse, the worrying inflation data comes just days after the release of October wholesale prices. The producer price index (PPI) rose a record 8.6% in October.
As wholesalers are dealing with higher costs, it is likely just a matter of time before they pass on these costs to consumers.