Inflation rises sharply in October, prompting more fears of a price-growth crisis
Prices in the US kept surging in October, dashing hopes for weaker inflation and raising new worries around the strength of the recovery.
The index climbed 5% on a year-over-year basis. That compares to the forecast for a 5.1% jump and reflects the strongest one-year inflation since late 1990.Core PCE, which strips out volatile energy and food prices, rose 0.4% in October. That matched the average forecast. Theuses core PCE as its inflation measure of choice, and the Wednesday print all but confirms to the central bank that inflation isn't cooling off as anticipated.
The mismatch and resulting inflation have weighed heavily on Americans' recovery hopes. Consumer sentiment sank to decade lows in November, according to the. Respondents cited elevated inflation and a lack of helpful policy for their soured outlooks. One in four Americans said inflation had eroded their living standards.
The CPI data showed soaring energy prices driving the bulk of the pickup. That was partially powered by a 6.1% jump in gasoline prices through October.
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