{"id":993845,"date":"2021-11-10T10:14:22","date_gmt":"2021-11-10T15:14:22","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=993845"},"modified":"2021-11-10T10:14:26","modified_gmt":"2021-11-10T15:14:26","slug":"breaking-bidenflation-price-increases-soar-to-30-year-high-outpace-economist-predictions","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/breaking-bidenflation-price-increases-soar-to-30-year-high-outpace-economist-predictions\/","title":{"rendered":"BREAKING: Bidenflation: Price Increases Soar To 30-Year High, Outpace Economist Predictions"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbreaking-bidenflation-price-increases-soar-to-30-year-high-outpace-economist-predictions%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=993845&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>U.S. inflation hit its highest year-over-year surge in more than 30 years last month, according to the Department of Labor.<\/p>\n<p>The consumer price index, a basket of products economists use to track overall changes in price, surged 6.2% from October 2020 to last month, the fastest annual rate since 1990. Inflation during the month of October alone surged 0.9%, driving the year-over-year rate above the 5.9% that economists predicted. Monthly inflation in October was expected to clock in at 0.6%, according to <a href=\"https:\/\/www.cnbc.com\/2021\/11\/10\/consumer-price-index-october.html\">CNBC<\/a>.<\/p>\n<p>Sectors of the economy hardest hit include fuel, used vehicles, and food. As CNBC reported:<\/p>\n<p><em>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.<\/em><\/p>\n<p><em>Used vehicle prices again were a big contributor, rising 2.5% on the month and 26.4% for the year. New vehicle prices were up 1.4% and 9.8% respectively.<\/em><\/p>\n<p><em>Food prices also showed a sizeable bounce, up 0.9% and 5.3% respectively. Within the food category, meat, poultry, fish and eggs collectively rose 1.7% for the month and 11.9% year over year.<\/em><\/p>\n<p>MacroPolicy Perspectives senior economist Laura Rosner-Warburton told The Wall Street Journal that the United States is entering a period of particularly high inflation.<\/p>\n<p>\u201cI do think we\u2019re moving into a new phase where inflation is broader and where things are going to get a little more intense,\u201d she said. \u201cPart of that reflects that [supply-chain] bottlenecks are not resolved going into the holiday season, when a lot of purchases get made, and that the economy is doing really well, so you have strong demand.\u201d<\/p>\n<p>Principal Global Investors chief strategist Seema Shah told CNBC: \u201cInflation is clearly getting worse before it gets better, while the significant rise in shelter prices is adding to concerning evidence of a broadening in inflation pressures.\u201d<\/p>\n<p>The rise in prices comes as U.S. manufacturing and retail companies struggle to get goods and resources through supply chain bottlenecks that have been tight since the start of the pandemic and widespread lockdowns. The falling value of the dollar also comes on the heels of multi trillion-dollar spending bills the United States authorized as COVID aid packages.<\/p>\n<p>Last week, President Joe Biden touted more spending bills as the answer to the financial pain Americans are feeling because of inflation. Specifically, Biden pushed his \u201cBuild Back Better\u201d spending plan. Biden <a href=\"https:\/\/www.dailywire.com\/news\/biden-acknowledges-inflation-says-massive-spending-bills-will-solve-it\">stated<\/a>:<\/p>\n<p><em>I want to say very clearly: If your number one issue<\/p>\n<p><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. inflation hit its highest year-over-year surge in more than 30 years last month, according to the Department of Labor.The consumer price index, a basket of products economists use to track overall changes in price, surged 6.2% from October 2020 to last month, the fastest annual rate since 1990. Inflation during the month of October alone surged 0.9%, driving the year-over-year rate above the 5.9% that economists predicted. Monthly inflation in October was expected to clock in at 0.6%, according to CNBC.Sectors of the economy hardest hit include fuel, used vehicles, and food. As CNBC reported: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.Used vehicle prices again were a big contributor, rising 2.5% on the month and 26.4% for the year. New vehicle prices were up 1.4% and 9.8% respectively.Food prices also showed a sizeable bounce, up 0.9% and 5.3% respectively. Within the food category, meat, poultry, fish and eggs collectively rose 1.7% for the month and 11.9% year over year.MacroPolicy Perspectives senior economist Laura Rosner-Warburton told The Wall Street Journal that the United States is entering a period of particularly high inflation.\u201cI do think we\u2019re moving into a new phase where inflation is broader and where things are going to get a little more intense,\u201d she said. \u201cPart of that reflects that [supply-chain] bottlenecks are not resolved going into the holiday season, when a lot of purchases get made, and that the economy is doing really well, so you have strong demand.\u201dPrincipal Global Investors chief strategist Seema Shah told CNBC: \u201cInflation is clearly getting worse before it gets better, while the significant rise in shelter prices is adding to concerning evidence of a broadening in inflation pressures.\u201dThe rise in prices comes as U.S. manufacturing and retail companies struggle to get goods and resources through supply chain bottlenecks that have been tight since the start of the pandemic and widespread lockdowns. The falling value of the dollar also comes on the heels of multi trillion-dollar spending bills the United States authorized as COVID aid packages.Last week, President Joe Biden touted more spending bills as the answer to the financial pain Americans are feeling because of inflation. Specifically, Biden pushed his \u201cBuild Back Better\u201d spending plan. Biden stated:I want to say very clearly: If your number one issue is the cost of living, the number one priority should be seeing Congress pass these bills. Seventeen Nobel Prize winners in economics have said \u2014 spontaneously wrote to me, together, and said this will lower inflationary pressure on the economy when we pass my bills. A new analysis from the Wall Street firm of Moody\u2019s Analytics found that it will ease the financial burden of inflation for middle-class families.Put another way: These will \u2014 these bills will provide families with, as my dad used to say, \u201cjust a little more breathing room.\u201d That\u2019s because the Build Back Better framework lowers your bills for healthcare, childcare, prescription drugs, and preschool. And families get a tax cut. That\u2019s how you end some of the anxiety people are feeling about the economy. That\u2019s how we give people some breathing room.The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a member.<\/p>\n","protected":false},"author":70,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-993845","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/993845","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/70"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=993845"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/993845\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=993845"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=993845"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=993845"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}