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Inflation hits all time high after 30 years

Supply chain disruptions have continued, resulting in the levels of inflation remaining high.

In Oct. they hit an all time high, jumping by .9% after jumping .4% in Sept.

After increasing to 5.4% from Sept. of 2020 to Sept. of 2021, the consumer price index then jumped to 6.2% between Oct. 2020 and Oct. 2021.

Related: Tax brackets are being raised thanks to the impact of inflation across the nation

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The last time there was an increase like this was in November of 1990.

The core CPI, which excludes food and energy, jumped .6% in Oct. following its .2% rise in Sept.

Overall the core CPI went up 4.6% from Oct. 2020 to Oct. 2021. The last 12 month increase that was that big was the 12 month period from Aug. of 1990 to Aug. of 1991.

The energy index has jumped 30% in the last 12 months, while the food index has gone up 5.3%.

Related: The prices for gold and silver are on the rise as fears of inflation take hold of hard assets

Americans continue to find ways to try to make the best of the situation as they see their monthly budgets increase. Food, gas, and bills continue to rise while many people still grapple with the financial impact of the pandemic.

One way to cut costs easily is by cutting your grocery bill.

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Many people opt to find a side gig, or return to work as many places struggle to keep employees. One industry that’s added hundreds of thousands of jobs is the fast food sector of the hospitality industry.

Inflation is having such a detrimental impact on America that even the tax brackets have been raised for 2022, meaning people will see the changes when they file their taxes in 2023.

Categories: BusinessNews