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28.11 - 16:43
US inflation rose to 30-year high in October, exceeding economists’ predictions
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US inflation reached a 30-year high in October as rising energy costs, supply shortages and increased consumer demand drove up prices.
Over the past 12 months prices have risen 6.2%, according to a labor department report released on Wednesday. Inflation increased by 0.9% in October, faster than September’s 0.4% and above economists’ expectations.
The news comes as the Biden administration and the Federal Reserve have tried to downplay rising costs, arguing they are a temporary phenomena driven by Covid-19’s unprecedented impact on the global supply chain.
Part of the latest surge in prices was down to factors that may prove short-lived, economics forecaster Capital Economics wrote in a note to investors. US fuel prices surged in October but
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